Toggle, a rebar robotics company, has announced that it added another $3 million to its coffers as part of a "Series A Extension," as reported by Tech Crunch.
Toggle created robots that bend rebar, the steel skeletal reinforcement found in heavy construction. Currently, they only have a team of 40 people, but they plan to double the numbers over the next year after an upcoming Series B raise. The roles that will be filled will be focused on engineering and operations.
The Growing Demand for Robotics and Automation
The global pandemic's impact on the construction industry has been significant, which led to increased costs and complexity. To fight these challenges, a growing interest in the adoption of robotics is emerging in the construction industry as owners and contractors find ways to save time and money.
Robotics and automation are seen as a solution, which led to the acceleration in the use of prefab and modular construction methods.
Toggle's robots are designed to help contractors and owners save time and money by automating the process of bending rebar. This allows them to save on labor costs and reduce the amount of time spent on the job. Additionally, Toggle's robots are designed to be operated by a single operator, reducing the need for multiple workers.
The additional funding will allow Toggle to continue its work on developing robots and expanding its reach within the construction industry. They plan to use the funds to develop their technology further, expand their customer base, and hire additional employees. With the additional funding, Toggle intends to become the leader in robot-assisted rebar bending.
More Expansion Ahead
The robotics industry is growing rapidly, and Toggle is at the forefront of this revolution. With their new funding, they will be able to continue to develop and improve their robots so that they can continue to make the construction process more efficient and cost-effective.
The use of robotics and automation in the construction industry is rapidly becoming a necessity. By using prefabricated components, contractors can save time on labor costs while still delivering high-quality results. Toggle's robots are designed to help streamline this process by automating the bending of rebar for faster turnaround times and improved accuracy.
In addition to their current projects, Toggle plans to expand into other areas, such as automated welding or 3D printing with concrete materials. With these new technologies, they will be able to reduce waste material during production while providing higher quality products at a fraction of the cost compared to traditional methods used today.
Toggle also has plans beyond just expanding its technology offerings - they plan on investing heavily in research & development initiatives that focus on improving existing processes within construction sites as well as developing entirely new ones that utilize robotic solutions instead of manual labor where possible. These improvements could potentially lead to greater efficiency and improved safety conditions for workers who may otherwise have been exposed to hazardous working environments due to increased human error rates associated with manual labor tasks.
By continuing their work towards creating more efficient building systems through robotics and automation, Toggle hopes to revolutionize how we build our world's infrastructure so it can become safer, smarter, greener, and more affordable than ever before!
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