KEWAZO raises over € 1 Million in Seed Funding with MIG Fonds 14 and Business Angel Alfred Bauer
MUNICH, Germany - KEWAZO robotics startup in construction has successfully raised over 1 Million Euro Seed Round. The round was led by MIG Fonds 14 and Business Angel Alfred Bauer. The funding will enable KEWAZO to bring its robotic solution to the market and to establish the company’s sales and distribution network.
KEWAZO GmbH develops a smart robotic logistic system, which provides autonomous transportation of materials on construction sites. The first area of application is scaffolding assembly. An intelligent robotic solution offers flexible, cost-efficient and safe transportation of scaffolding parts during scaffolding. KEWAZO helps its customers to significantly increase the efficiency of the assembly process and to address the growing problem of understaffing. By using AI algorithms, computer vision, sensors data and machine learning, KEWAZO’s system records different operational data. This information allows scaffolding assembly companies to have a better understanding and control of ongoing operations and to optimize the project planning. After entering the scaffolding market, the company plans to apply the system into other construction trades. KEWAZO has already built several prototypes and submitted a patent application.
The name KEWAZO comes from the Greek word "κατασκευάζω" - "kataskewazo", which means “to construct”. An international and interdisciplinary KEWAZO team, led by CEO Artem Kuchukov, has a vision to bring automation and intelligence into construction sites worldwide.
Great market potential
KEWAZO’s technology has a great market potential. In Germany alone, the assembly and disassembly of scaffolding generates annual sales of around one billion euro and over 23 Billion euro worldwide.
"We are convinced of KEWAZO's business idea and technology and therefore decided to invest in this start-up at an early stage. The introduction of modern robotics into a traditional sector such as the construction industry is an extremely exciting and promising approach," says Michael Motschmann, General Partner and CEO of MIG AG. "KEWAZO is a pioneer in building automation, who is bringing disruption in the industry. We want to participate in this project right from the start and we believe in supporting a really strong team. In addition to financing, MIG contributes great entrepreneurial know-how, from which the young founders can certainly benefit," adds Dr. Klaus Feix, Venture Partner of MIG AG and responsible for the investment in KEWAZO.
About MIG
MIG is a leading German-based venture capital firm with more than $1 Billion under management. MIG invests in deep-tech and life-science companies with a focus on early-stage teams with global ambitions. The MIG Partners are all entrepreneurs, who actively support the development of portfolio companies. For additional information, visit www.mig.ag.
About Alfred Bauer
Alfred Bauer has been active as a technology investor for more than 20 years and has already successfully supported several start-ups in their growth. He assists young companies not only with growth capital but also with his experience as founder and CEO of Articon-Integralis AG (now NTT-Security), which grew under his leadership from a start-up to a listed company.
About KEWAZO
Munich-based robotics company KEWAZO automates logistics on construction sites. KEWAZO develops a smart robotic solution that enables the autonomous transport of materials on the construction site in vertical and horizontal dimensions. In scaffolding, the robotic system allows to decrease labor costs and labor shortage by significantly increasing the efficiency of the scaffolding assembly process. The company works closely with large scaffolding companies and industrial service providers.
More information: www.kewazo.com
Photo: Simon Kratze