TerraFirma raises $115M to build robotic infrastructure for construction
TerraFirma’s semi-autonomous excavator at work. | Source: TerraFirma TerraFirma this week raised $115 million in Series A funding. The startup said the investment will enable it to expand its engineering, manufacturing, operations, and construction teams, as well as to continue developing its semi-autonomous heavy equipment. “Construction is the foundation everything else is built on, and it’s been going backward for 50 years,” said Noah Schochet, co-founder and CEO of TerraFirma. “America built
A construction robotics company raised $115 million in Series A funding to develop semi-autonomous heavy equipment and the software systems to operate them. Construction productivity in the United States has declined at an average rate of 0.6% per year since 1965, while the broader economy has grown at roughly 1.6% annually, creating what the company describes as a critical problem in infrastructure development. The company's approach uses retrofitted machinery that operators control remotely from command centers rather than sitting in equipment cabs, which the company says can make each operator up to 300% more effective. The funding will support expansion of the company's engineering, manufacturing, operations, and construction teams as they work on projects in housing, energy, transportation, manufacturing, and education sectors.
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Also reported by SiliconANGLE
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Also reported by TechCrunch and The Verge
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