Extra funding of US$64 million to transform excavators into robots
By Catrin Jones11 April 2022
Built Robotics, a construction autonomy company, has announced the close of a US$64 million Series C led by Tiger Global, which brings total funding to US$112 million.
Existing investors include NEA, Founders Fund, Fifth Wall, and Building Ventures and Built says the investment will be used to increase production.
Built’s upgrade kit, the Exosystem, can be installed and calibrated on an excavator in less than a day, says the company.
Contractors have the option to rent Exosystems as standalone units to install on their fleet of equipment, or lease pre-upgraded excavators from Built directly, with an hourly charge for licensing the Exosystem’s autonomous software.
Depending on utilisation, Built says it can make cost savings of 20% or more, versus traditional methods. Installation, training, and 24/7 support are included.
Griffin Schroeder, partner at Tiger Global, said “Built’s focus on easy-to-install robotic upgrades for heavy equipment is generating significant demand. We are excited to partner with them as their autonomous trenching solution helps transform the construction of solar farms, oil and gas projects, and other large and critical infrastructure projects around the world.”
Noah Ready-Campbell, CEO of Built Robotics, commented, “We’ve spent the past few years neck-deep in R&D, and it’s paid off. Our rental fleet is fully booked into 2023, and orders keep coming in.” He added that autonomous trenching was just the “first step” and that customers are already asking for autonmous backfill, compaction, material handling and loading trucks.