Five million US dollars for Kewazo

Proptech gets money from Silicon Valley: venture capitalist True Ventures leads Kewazo's Series A funding round of five million euros.

Kewazo is receiving five million US dollars in its Series A funding round, led by Silicon Valley venture capitalist True Ventures, which also participated in the seed funding round in 2018. Also on board is existing investor MIG AG, a Munich-based venture capital firm that was already involved with Biontech during its startup phase. The money brings the total amount invested in Kewazo to nine million US dollars.

The start-up is developing construction robot technology such as the Liftbot freight elevator for scaffolding, which automates material transport, meaning scaffolding does not have to be erected exclusively by hand. At the same time, it collects data that is made available to customers via a platform. "With the new investment, we want to expand our robot fleet in Europe and the US, introduce the Robot-as-a-Service (RaaS) model and enable other digital services," says CEO Artem Kuchukov.

"So many aspects of the construction industry can benefit immensely from robot intelligence and RaaS offerings," says True Ventures partner Puneet Agarwal. "The KEWAZO team has a strong track record and a proven solution that addresses a significant need in a critical part of the industry. We are excited to fund this team."