Israeli robotics start-up OKIBO today announced the successful closure of an equity funding round totaling $7.85 million from both new and existing investors. Leading the investment are BitStone Capital from Germany and Shadow Ventures from the US, with Built in Tech, Saint Gobain, Pi Labs and DAW also participating. OKIBO will use the funds to advance the development of their autonomous construction finishing robot  to drive the digitalization and automation of the construction industry. 

„The construction industry is in a historic transformation. In times of labor shortages and an aging workforce the industry needs to make sure that it can keep on delivering in the long run given the net-zero transition will tie up a large portion of the workforce,“ says Manfred Heid, Managing Partner of BitStone Capital. „OKIBO’s intelligent, mobile, multi-purpose robots operate seamlessly alongside workers on a construction site relieving them of hazardous, strenuous or repetitive tasks. We believe this will soon become a key differentiator within the industry.“  

The company’s product is a drywall finishing and painting robot guided by AI and sensors. This means that, without prior scans or ingestion of digital information, the OKIBO robot is able to create a three-dimensional map of its surroundings, determine the finishing requirements and keep track of its own process. Mounted on a proprietary mobile platform, the robot excels on large surfaces as found in industrial projects, parking lots, warehouses and residential projects, but it also handles complex geometries such as descended ceilings, columns, corners and cornices. 

 “With a mature solution that is commercially available to customers in Europe and the US, OKIBO is way ahead of the competition in the field of autonomous, smart construction robots,” says KP Reddy, Founder of Shadow Ventures. “Having made several investments in AI and robotics, this aligns perfectly with our strategic focus on technology leaders which are boldly solving the most pressing challenges of the construction and real estate industries.” 

„This equity funding is a strong vote of confidence from our investors in the potential of our solution. They share our vision of leveraging smart technology to help construction teams prepare for the future. With this infusion of growth capital, we’re poised to scale our operations across Europe and the US and accelerate our product development to cover additional applications,” says Guy German, Founder and CEO of OKIBO. 

In the DACH region, the OKIBO robots have successfully completed over 100,000 square meters of wall and ceiling projects. This achievement has been made possible through a strategic collaboration with DAW SE, owner of the Caparol brand of professional painting products. Caparol’s involvement has facilitated the execution of large-scale pilot projects with forward-looking painting contractors, which contribute valuable insights for the ongoing evolution of the robot and ensure optimal alignment with customer needs and expectations. “Innovation remains one of the most important competitive advantages. OKIBO’s technology has the potential to change the face of painting and finishing for good and make the job more attractive to young people,” says Volker Berg, Head of Construction Efficiency at DAW SE.