Promise Robotics brings AI and automation to construction, helping industry deliver affordable and sustainable housing
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.”