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.
In addition to hiring, the new funds will be used to ramp up its robotic production.
This is certainly a recurring theme — while other categories of robotics have struggled to gain traction, those in construction appear to have escaped relatively unscathed.
Toggle creates robots that bend rebar, the steel skeletal reinforcement used in heavy construction. The company’s current headcount is 40, which it plans to double over the next year following an upcoming Series B raise. These positions will primarily be in engineering and operations.
Blank observes that the pandemic has increased interest in automating difficult and costly aspects of the construction process.