Pace Robotics raises seed funding from Pidilite
Dec 21, 2021
Bengaluru (Karnatka) [India], December 21 (ANI/PRNewswire): Construction Robotics Startup, Pace Robotics, has raised seed investment from Pidilite Industries Ltd, who has acquired an equity stake of 19.5% in the company.
The fund will be used for product development and core team expansion. Founded in 2020 by Ayushmoy Roy and Srinivas K Pai, the startup has been working on a prototype for a wall finishing robot for internal plastering, painting and putty of buildings. The robot can improve efficiency and bring down costs of the wall finishing process. They have received pilot interests from several renowned real estate developers and contractors and plan to deploy the robot in sites for pilots in coming months.
"Support from Pidilite validates the company's vision to disrupt one of the oldest and largest industries in the world and will help us accelerate product development and market entry," said Co-Founder, Srinivas K Pai. Incubated by SINE-IIT Bombay, Pace Robotics also has MARL 5G Accelerator and Kochi Holdings as other investors on board.
The size of opportunity that the construction industry provides and lack of alternatives to traditional methods of working, creates a sweet spot that makes the industry ripe for disruption. Pace Robotics aims to be at the center of this disruption and lead this sector through unhindered innovation.
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