The construction industry, employing approximately eight million people in the United States, is emerging as a key sector for robotics investment. Despite its significant financial scale, the industry faces challenges in maintaining a stable workforce due to physical demands and potential hazards.
Securing Series A Funding
PaintJet secures $10 million in Series A funding, spearheaded by Outsiders Fund and featuring participation from Pathbreaker Ventures, MetaProp, Builders VC, 53 Stations, and VSC Ventures.
TechCrunch reported that this funding round follows a $3.5 million seed round led by Dynamo Ventures, bringing the total funding to date for the Nashville startup to $14.75 million.
Industrial painting, a segment ripe for automation, involves the use of heavy machinery for larger projects. PaintJet's recently unveiled Bravo robotic painter, showcased in October, resembles a mobile elevated work platform or cherry picker, incorporating automation into established technologies.
Chief Executive Officer Nick Hegeman emphasizes that PaintJet has developed the entire robotic system, with only the paint hoses, nozzles, and pumps sourced from industry suppliers.
The system seamlessly connects non-invasively to the platform, allowing control over both the lift and the robotic system. This approach enables scalability through a well-established network of equipment rental providers.
As reported by Webwire, Hegeman highlights the significance of addressing workforce shortages and redefining industry standards through automation.
The funding will support the company's mission to expand geographically and enter new sectors. The startup has also introduced Alpha Shield paint, designed to reduce wear and tear from the elements, ultimately extending the time between repaints.
In addition to revealing Bravo in October, the company introduced Alpha Shield paint, asserting its ability to diminish typical weather-related deterioration, thereby extending the duration between repainting cycles.
Facing Competition
In the race to bring robotics into the industrial painting domain, PaintJet faces competitors like Gray Matter, which offers painting arms across various scales.
While Japanese robotic arm giant Fanuc has entered the arena with its own solutions, their current capabilities fall short in reaching the towering heights that PaintJet's Bravo robotic painter is designed to tackle.
With a focus on construction companies, PaintJet has cultivated a client roster that includes prominent names such as Prologis, Clayco, Layton Construction, and Brinkmann Constructors.
Despite its ambitious pursuits, PaintJet maintains a lean workforce, currently employing 24 full-time staff. The recently secured funding is earmarked for expanding the sales and operations teams.
Additionally, the company is set to relocate its headquarters from Nashville to Virginia, a strategic move aimed at supporting its entry into the marine sector.
The funds will also be allocated to bolstering the engineering team, a move intended to enhance the scalability of its technology stack for broader distribution, according to insights from CEO Nick Hegeman.
