August 31, 2021

OKIBO 400x275BuiltUp Ventures, an investor in early-stage Israli technology companies, has announced it made a significant financial commitment to OKIBO, which is developing construction robots to address key challenges in the construction sector.

OKIBO, founded in 2018, is developing smart, autonomous robots designed for construction sites, The robots are designed for the harsh conditions of a site, and includes 3D scanning and real-time modeling technology, autonomous path planning, and floor-to-ceiling reach. The battery-operated robot also uses advanced sensors. 

The first product is a drywall finishing robot that can perform plastering, sanding and painting applications. It will be applied to help address a shortage of skilled professionals in the construction industry. The 2020 AGC survey highlights the most notable effects of the skilled labor shortage in construction: 57% cite the shortage as the biggest challenge to worker health and safety; while 44% have seen higher project costs, and 40% said projects are taking longer than anticipated.

“We are pleased to welcome OKIBO to BuiltUp Ventures’ 360-degree solution, which provides customers with the pieces needed to build a comprehensive proptech ecosystem,” said Oded Eliashiv, principal and founding managing partner of BuiltUp Ventures. “As a value-add partner to our portfolio companies, we put a lot of emphasis on the product market fit before we invest. We identified OKIBO as an important investment opportunity via the markets we are working with, such as the UAE and Europe, which have come to be acquainted with the company as well as their engagement with early adopters to finetune their solution to the market requirements.”

“It is with great pleasure that OKIBO becomes part of the BuiltUp Ventures portfolio,” said Guy German, CEO and co-founder of OKIBO. “We hope to build together a large-scale world leading company that will allow the construction industry to face its biggest challenges and step up to a whole new level of efficiency, productivity and quality. We were very excited to find that BuildUp Ventures shares our vision and we are looking forward to growing fast with the help of their strong ecosystem and Venture Capital tailwind.”

For more details on OKIBO’s construction robots, visit their website here.