Built Robotics secured Series C investment at $64 million. Since its most recent investment round in 2019, the company has been discreetly expanding its clientele and refining its product. However, the round’s lead stakeholder, Tiger Global, approached the company about raising more money.
The majority of our Series B was still in the bank. Tiger had spoken over the phone with several of our clients, and they had received nothing but overwhelmingly good feedback, according to Built Robotics CEO Noah Ready-Campbell. Additionally, Tiger Global is involved. Normally, I believe it makes sense to give a careful look when you receive an offer like that.
Exosystem is a kit that Built makes for retrofitting excavators with autonomy. Almost any conventionally controlled excavator can be converted into an autonomous robot once Exosystem is installed. The system has a GPS, 360-degree cameras, proximity radar, and all-weather containment. It takes less than a day to set up and adjust.
According to Griffin Schroeder, partner at Tiger Global, “Built is a leader in autonomous construction technology, and its focus on simple-to-install robotic enhancements for heavy equipment is generating tremendous demand.” We are thrilled to collaborate with them as their automated excavating technology revolutionizes the building of solar farms, oil & gas facilities, and other significant infrastructure projects throughout the globe.
Consumers can lease improved Kubota Excavators from Built with the equipment currently built in, or they can rent Exosystem standalone machines to add to their existing fleet. The system’s autonomy software is licensed on an hourly basis by contractors. As per Built, the technology can save contractors 20% or more compared to conventional approaches.
According to Ready-Campbell, the firm has been investing in r&d over the past few years, and as a result, its rental fleet is fully booked through 2023. The company couldn’t rely on commercially available machinery to manufacture the technology, thus developing it wasn’t an easy operation.
The investment round also included contributions from current investors NEA, Founders Fund, Fifth Wall, and Building Ventures.
Additionally, Built emphasized its collaboration with the International Union of Operating Engineers (IUOE). Equipment operators in the US and Canada are represented by the IUOE, a union with 400,000 members. Built collaborates with the IUOE to enhance robotic equipment operators’ training (REOs).