Rebar robotics firm Toggle adds another $3M to

its fundraising tally

techcrunch.com Feb 3, 2023 5:49 AM
There’s no denying that the robotics startup world has taken a
hit during the ongoing economic downturn. Recent numbers
prove what we’ve all suspected for some time. But two things
are true: 1) The lull is temporary; and 2) While robotics isn’t
recession-proof, construction might as well be.

This is certainly a theme of late — as other categories of

robotics have struggled to raise, those operating in
construction appear relatively unimpacted. New York-based
Toggle this morning announced that it has added another $3
million to its coffers as part of a “Series A Extension.” The
initial $8 million Series A was announced back in 2021.
Japanese firm Tokyu Construction is a first-time investor in
the startup, whose total raise is currently at $15 million.
 Image Credits: Toggle

Toggle CEO Daniel Blank tells TechCrunch:

With a renewed interest in American manufacturing and

production capacity and the investments pouring into
infrastructure and renewable energy in particular (but also
batteries and microchips manufacturing), we have been
successful at navigating the difficulties whether due to our
category, a slowing economy or the pandemic. In this round,
adding strategic investors, we’ve demonstrated that the problem
of labor cost, availability and speed is really at the forefront for
construction firms and they are going directly to the tech startups
rather than through VCs to access solutions.

Toggle makes robots that bend rebar, the steel skeletal

reinforcement you find in all manner of heavy construction.
The company’s headcount is currently at 40, which the
company plans to double over the course of the next year,
following an upcoming Series B raise. Those roles will
primarily be focused on engineering and operations.

Blank notes that the pandemic has contributed to an

increased interest in automating difficult and expensive
pieces of the construction process.
 “The pandemic has had a significant impact on the
construction industry, leading to increased costs and
complexity. Supply chain disruptions, inflation, and rising
labor costs have all played a role,” he explains. “To combat
these challenges, there has been a growing interest in the
adoption of robotics in construction. This trend is consistent
across different segments of the industry, as owners and
contractors seek ways to save time and money. Robotics and
automation, similar to those used in manufacturing, are seen
as a solution. This has also led to an acceleration in the use
of prefab and modular construction methods.”

In addition to hiring, the new funds will be used to ramp up its

robotic production.

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