Toronto, Canada – March 17, 2021 Promise Robotics, a platform for the robotic manufacturing of houses and building components, today announced that the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, and Radical Ventures, North America’s largest AI-focused venture fund, have made strategic investments in the company.
Promise Robotics harnesses the scale and power of advanced robotics and artificial intelligence to accelerate manufacturing times and to remove uncertainties associated with the construction of homes and buildings. By helping builders, real estate developers and other industry professionals leverage the efficiencies of industrialized automation, Promise Robotics aims to usher in a new era of sustainable construction.
Promise Robotics’ founders, Ramtin Attar and Reza Nasseri, are pioneers in design, construction, and manufacturing automation. Together, they bring thirty years of experience creating industrialization strategies for construction and overseeing one of the most advanced prefab factories in North America, responsible for over 6 million square feet of panelized construction and site assembly. Their know-how spans design for panelized construction, machine precision production, factory operation, logistics, and just-in-time site assembly of building components.
“We want to remove the technology barriers to enable an entire industry to meet the growing demand for higher productivity and environmental sustainability,” said Ramtin Attar, co-founder and CEO of Promise Robotics. “This will create new categories of skills in construction, accelerate construction timelines, reduce schedule uncertainty, generate less waste and, ultimately, add more buildings faster to Canada’s housing stock.”
Over the next year, Promise Robotics will build a team to develop core robotics technologies and automation processes to enable the construction industry to tackle the housing sector’s most pressing economic and environmental challenges.
“PSP Investments is committed to investing in the future – in innovation. What better way to support this commitment than to invest in a Canadian company that aims to break barriers, create jobs and contribute directly to addressing housing affordability challenges of major cities such as Toronto,” said Kristopher Wojtecki, Managing Director, Real Estate lnvestments, PSP Investments. “We look forward to supporting Promise Robotics and its founders towards a successful future, as well as continue to nurture our partnership with Radical Ventures.”
“Ramtin and Reza understand the transformational power of AI when applied to the construction industry,” said Salim Teja, Partner at Radical Ventures. “Automation brings scale and efficiency to the construction process and unlocks an opportunity to create more affordable homes in a more sustainable manner. Together with PSP Investments, we look forward to working closely with Promise Robotics on shaping the future of home construction.”
About Promise Robotics
Promise Robotics is transforming how buildings get made, with the aim of creating a more sustainable and affordable built environment. Promise Robotics brings together artificial intelligence, advanced manufacturing, and construction under one roof to create a platform for digital manufacturing and assembly of highly efficient and sustainable buildings.
About PSP Investments
PSP Investments is one of Canada’s largest pension investment managers with approximately $169.8 billion of net assets as of March 31, 2020. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.
About Radical Ventures
Radical Ventures is an early-stage venture capital firm investing in entrepreneurs applying artificial intelligence to transform massive industries. Working with exceptional founders, Radical Ventures invests in enterprises that will shape the future of how we live, work and play. From healthcare and financial services to infrastructure and manufacturing, Radical partners with entrepreneurs who understand the transformational power of AI. Learn more at www.radical.vc.
For more information, contact:
1 844 525 3795