New York-based construction startup Toggle this morning announced that it has raised an $8 million Series A. The round was led by Tribeca Venture Partners and featured Blackhorn Ventures, Point72 Ventures, New York State and Twenty Seven Ventures. It follows a $3 million seed round raised in late-2019.
Robotics in general have been a massively popular investment target during the pandemic. Construction startups have also begun to heat up. Early this month, Dusty announced a $16.5 million raise for its Field Printer device.
Toggle automates an entirely different part of the construction process. The company’s robotics technology specifically targets rebar, using robotics to assemble the foundational building material at a fraction of the time.
“At a time when global construction is accelerating to an unprecedented pace, Toggle offers a way to add capacity while saving time and cost on some of the largest types of projects,” cofounder and CEO Daniel Blank said in a statement, “We are especially grateful for our partners who are helping us to bring new tools and approaches to the fundamental building block of our built environment with a focus on renewable energy and sustainable urban development.”
Toggle says the new round will go toward expanding production on the tech. That includes increasing headcount and upgrading the production space to a new 50,000 square foot facility.ockquote>