Robotics Firm Secures $10 Million in Funding for Industrial Painting Automation
In a recent series A funding round, PaintJet, a pioneering robotics company specializing in industrial painting automation, successfully raised $10 million. Outsiders Fund spearheaded the funding, joined by notable participants such as 53 Stations, Dynamo, Pathbreaker Ventures, MetaProp, and VSC Ventures. This latest financial injection brings PaintJet’s total funding to $14.75 million.
The innovative robots developed by PaintJet aim to revolutionize the painting processes within the commercial building sector. With the industry currently grappling with a significant shortage of labor—requiring an estimated 100,000 more workers to meet current project demands—PaintJet’s automation technology offers a solution to address these challenges.
Acknowledging the crisis in the American painting sector, exacerbated by extreme weather events causing accelerated building deterioration, PaintJet emphasized the need for a proactive approach. The company aims to not only automate painting but also redefine industry standards, alleviate labor shortages, and introduce cost-effective solutions that depart from traditional practices.
Nick Hegeman, CEO of PaintJet, commented on the funding success, stating, “Our latest funding round signals a positive shift for the industrial painting industry. It’s not just about automation; it’s about redefining standards, addressing labor shortages, and introducing cost-effective solutions that break the mold of traditional painting.”
Utilizing the newly acquired funds, PaintJet plans to relocate its headquarters from Nashville to Virginia in early 2024. The company also intends to support its expansion into ship-based projects, where its technology offers not only corrosion prevention but also protection against marine organisms.
According to PaintJet, their paint, when applied to ships, not only prevents rust but also inhibits the attachment of mollusks, algae, and fungus. This protective layer is crucial for maintaining a smooth boat bottom, as ships without it can experience a 40% loss in fuel economy due to increased drag.
The company recently unveiled its latest innovations, the Bravo robotic painter, and the Alpha Shield paint. The Bravo robot employs predictive analytics imaging to optimize paint usage, resulting in a 25% reduction in overall paint consumption. This not only cuts operational costs but also minimizes exposure to toxic chemicals.
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