Contech startup Xpanner raises KRW 6 billion in Series A funding
Reading Time: 2 minutesKorea-based con-tech startup Xpanner has raised KRW 6 billion in Series A funding from Korea Investment Partners, KB Investment, and others.
Xpanner is preparing the construction machinery automation solution ‘Mango’ and is discovering smart construction solutions necessary for digital transformation of construction sites and supplying them on-site customized.
Last year, the company delivered smart construction solutions such as BIM (Building Information Modeling) based integrated control system to five construction sites. Based on construction machinery equipped with advanced robotics and sensors such as machine guidance and tiltrotators, the company has introduced a Nordic model for improving productivity and control efficiency in Korea.
In November last year, the company established a North American subsidiary and is expanding overseas. The company has also signed partnerships with companies that are engaged in construction technology or equipment-related businesses in North America, such as Geotab and PIRTEK. The company will also partner with domestic and foreign companies that provide smart construction solutions, such as Infrakit, MOBA, and JK, in North America. The company has also been selected as a global member of Shinhan Square Bridge Incheon, a startup incubation program, to accelerate its overseas expansion.
Xpanner’s potential and business performance have also been recognized at home and abroad. In April 2022, the company was selected as one of the top 50 startups in the construction equipment operation management sector by Built Worlds, the world’s largest construction-related conference, in the United States.
In December 2022, the company participated in the launching ceremony of the Ministry of Land, Infrastructure, and Transport’s ‘One Team Korea’ overseas construction order support team. Since then, the company has strengthened its network with related ministries, large companies, and startups, leading to substantial overseas expansion results. Currently, the company is in discussions with several construction companies ranked within the top 10 in Korea’s construction capability assessment to collaborate on more than four sites in North America and the Middle East.
“Xpanner’s automation solution was developed by members of major manufacturers such as Volvo, Doosan, and Bobcat, and is already applied to many sites, so it has considerable credibility,” said Park Sang-jun, a director at Korea Investment Partners. “We expect that Xpanner will be able to achieve an exceptional level of corporate value for a startup in the con-tech sector that is unfamiliar in Korea.”
Meanwhile, Xpanner, which was founded in May 2020, has exceeded KRW 9 billion in cumulative sales to date. Cumulative investments totaled more than 8 billion won.
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