Construction robot firm secures £3m funding
A construction robotics company which has invented a robot capable of applying underfloor insulation has completed a £3m investment round.
London-based Q-Bot has developed a range of robotic and AI technologies that can survey, maintain and upgrade buildings.
The company claims its solution is cheaper, performs better, and has none of the logistical hassle and disruption of more traditional methods.
The firm’s customers include housing associations, local authorities, private homeowners and landlords.
The oversubscribed investment round was backed by EMV Capital, Berlin-based Foundamental, and Wealth Club.
The investment will be used to continue its growth, meeting the needs of social landlords as well as expanding sales to private homeowners and international markets.
It follows a series of angel funding rounds for the company and in 2015 a €2.1m grant from EASME, the European Union executive agency for SMEs.
Q-Bot’s CEO, Mathew Holloway said he was delighted to with the investment.
“From surveying tower blocks to manoeuvring around under suspended floors to apply insulation, Q-Bot’s technology is being used to transform processes across the construction sector.
Our customer-led approach, paired with a unique combination of robotics, AI and building expertise, has allowed us to identify a huge commercial opportunity to disrupt the status quo and in doing so, strengthened the potential to have a positive social and environmental impact.”
EMV Capital MD Dr.Ilian Iliev added: “The company was an early entrant in the robotics revolution in the construction industry. The management’s consistent focus on execution is now paying off. We were pleased to see EMVC investors play a major part in this round”