New York-based contech and robotics firm Toggle grew its total raise to $15 million following an expansion of its original Series A funding round, according to TechCrunch.
The company’s $3 million in additional funding follows its original $8 million Series A round, which the company announced in June 2021. The original Series A was led by Tribeca Venture Partners, which was joined by Blackhorn Ventures, Point72 and Twenty Seven Ventures, according to the company. New York state has also directed portions of money to the company through its venture capital fund.
The additional $3 million comes following Japanese construction firm Tokyu Construction’s first-time investment in the company.
Toggle works with rebar, and its software and hardware technology works in conjunction with industrial robots and heavy material handling equipment to increase safety, productivity and precision in the rebar assembly process, according to the release.
The company’s Toggle OS software turns construction drawings into automated robotic manufacturing programs, according to the company’s website.
Toggle’s goals following its original Series A were to open a 50,000-square-foot production facility and grow the team. TechCrunch reports that the company is still prioritizing growth, with plans to double its 40-person headcount following a planned Series B funding round.
“With a renewed interest in American manufacturing and production capacity and the investments pouring into infrastructure and renewable energy in particular (but also batteries and microchips manufacturing), we have been successful at navigating the difficulties whether due to our category, a slowing economy or the pandemic,” Toggle’s CEO, Daniel Blank, told TechCrunch.
Robotics seems to be on the upswing, despite a difficult economic climate. Part of the reason may be due to the potential that the technology has to alleviate labor shortages in construction, whether by creating humanoid robots, which are still farther out, or automating smaller, tedious tasks as Toggle does with rebar bending.
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