Promise Robotics, a Toronto-based AI company developing a
cloud-based industrial production platform for robotic construction
and assembly, has raised $20.8 million CAD in Series A financing as it
looks to commercialize its robotics factory platform. The round was
led by Horizons Ventures with participation from Radical Ventures,
Public Sector Pension Investment Board, and strategic investors
including United Brotherhood of Carpenters, Relay Ventures, and
Alate Partners.
Promise Robotics' AI-drive system helps homebuilders use
automation to address labor shortages, save costs, and increase the
speed of sustainable home production from single-family to
multi-story buildings.
In September, the Canada Mortgage and Housing Corporation
published a report projecting that Canada needs to build
more than 3.5 million housing units, on top of those already in
development, to restore affordability to the housing market.
Promise Robotics aims to bridge this gap by using
