Pace Robotics raises seed funding
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Based in Bangalore Rhythm of robotics raised an undisclosed Seed investment from Pidilite Industries Ltd. Pidilite takes a 19.5% stake in the company. Rhythm Robotics raised a total of $ 70.5,000 in funding over two rounds. The previous cycle ended in March 2021.
Pace plans to use this round of funding to invest in product development and expand the core team. Founded in July 2020 by Ayushmoy Roy and Srinivas K Pai, the startup worked on a prototype of a wall finishing robot for plastering, painting and masticating the interior of buildings.
The company said the robot can improve the efficiency and reduce the costs of the wall finishing process. It has received pilot interest from several real estate developers and contractors and plans to build and deploy the first generation robots at pilot sites in the coming months.
The company plans to enter the market through distribution partners such as subcontractors, as well as general contractors or larger developers. By leveraging robotics as a service (RaaS), the company expects to reduce the risk of technology adoption and fill the gaps caused by the lack of manpower for specific construction applications. This business design will require a large influx of capital for the next two investments as the business expands its machine pool for field deployment.
For early market applications such as plastering, painting and puttying, deploying the robots in a RaaS model means Pace can upgrade, modernize and improve the machine pool in the field.
âPidilite’s support validates the company’s vision to disrupt one of the world’s oldest and largest industries and will help us accelerate product development and market entry,â said the co-founder. , Srinivas K Pai. Incubated by SINE-IIT Bombay, Pace Robotics also MARL 5G accelerator and Kochi Holdings than other investors on board.
Canvas, based in San Francisco, is developing a similar robot for finishing drywall. Its robot combines a moving base, robotic arm, multiple end effectors, and computer vision to spray and sand drywall mud. Canvas sees itself as a drywall specialist subcontractor, not a robotics company.
Pace believes that there is an $ 11 billion market opportunity in India, as shown in the company overview video of its MARL 5G accelerator program in the spring of 2021.