Bangalore-based Pace Robotics raised an undisclosed Seed funding from Pidilite Industries Ltd. Pidilite takes an fairness stake of 19.5% within the firm. Pace Robotics has raised a complete of $70.5K in funding over two rounds. The earlier spherical closed in March 2021.
Tempo plans to make use of this spherical of funding to spend money on product improvement and develop the core crew. Based in July 2020 by Ayushmoy Roy and Srinivas K Pai, the startup has been engaged on a prototype for a wall-finishing robotic for inside plastering, portray and putty of buildings.
The corporate stated the robotic can enhance effectivity and cut back prices of the wall-finishing course of. It has obtained pilot pursuits from a number of actual property builders and contractors and plans to construct and deploy the first-generation robots in websites for pilots in coming months.
The corporate plans to go to market by means of channel companions resembling sub-contractors, in addition to bigger normal contractors or builders. By leveraging a Robotics as a Service (RaaS) enterprise mannequin, the corporate expects to decrease the chance for adoption of the expertise and fill in any gaps brought on by lack of human labor for the particular development purposes. This enterprise design would require a big capital influx for the subsequent couple spherical of funding as the corporate builds out its fleet of machines for discipline deployment.
For early market purposes resembling plastering, portray and puttying, deploying the robots in a RaaS mannequin means Tempo can improve, retrofit and improve the fleet of machines within the discipline.
“Help from Pidilite validates the corporate’s imaginative and prescient to disrupt one of many oldest and largest industries on the planet and can assist us speed up product improvement and market entry,” stated Co-Founder, Srinivas Ok Pai. Incubated by SINE-IIT Bombay, Tempo Robotics additionally has MARL 5G Accelerator and Kochi Holdings as different traders on board.
San Francisco-based Canvas develops the same robotic to complete drywall. Its robotic combines a cellular base, robotic arm, a number of finish effectors and pc imaginative and prescient to spray and sand drywall mud. Canvas considers itself a tech-enabled drywall subcontractor, not a robotics firm.
Tempo believes there’s an $11 billion market alternative in India because it outlined within the firm pitch video from its MARL 5G Accelerator program in Spring 2021.