Construction Robot Startup Xpanner Completes Series A Funding of KRW 10 BillionReading Time: 2 minutes
Xpanner, a construction robot startup, announced today that it has completed its Series A funding round of KRW 10 billion, raising an additional KRW 40 billion from Stick Ventures and Korea Technology Finance Corporation. In April, the company raised KRW 60 billion from Korea Investment Partners and KB Investment.
Xpanner’s core business model is the automation of construction sites using robotics technology. The company has developed its own automation solution, “Mango,” which assists in the control of various postures of construction machinery, and supplies smart construction solutions that are tailored to the site to digitally transform earthwork construction sites. So far, the company has supplied smart construction solutions, such as a BIM-based integrated control system, to 5 sites of domestic earthwork specialist construction companies.
With the investment, Xpanner is expected to accelerate its global expansion. The company has already completed the establishment of its North American subsidiary in November last year and has signed partnership agreements with companies that are conducting smart construction and construction machinery-related businesses in North America, such as Geotab and PIRTEK.
Xpanner is also becoming a North American business partner of companies that provide smart construction solutions, such as Infrakit, MOBA, and JK, both domestically and internationally. The company has also started collaborating with Japanese construction machinery and ConTech companies. It is expanding its global network and exploring the possibility of entering the Japanese market. With the support of the global membership program of the startup nurturing program “Shinhan Square Bridge Incheon,” Xpanner has built a solid foundation for its overseas expansion.
Xpanner’s potential and business achievements are also being recognized both domestically and internationally. In April last year, the company was selected as one of the top 50 startups in the construction equipment operation and management category at the Built Worlds, the world’s largest construction-related conference in the United States. In December 2022, the company participated in the launch ceremony of the “One Team Korea” overseas construction bidding support team of the Ministry of Land, Infrastructure and Transport.
As a result, the company has strengthened its network with government agencies, large corporations, and startups, leading to actual overseas expansion results. Currently, the company is discussing cooperation with multiple construction companies within the top 10 construction capacity evaluation of Korea and at least 4 sites in North America and the Middle East.
Lee Hyun-seok, a managing director at Stick Ventures, who participated in this investment round, said, “North America, where Xpanner has entered, is also close to a barren land for smart construction, so the growth potential is limitless.” “Based on the technology and business capabilities of its members from global manufacturers such as Volvo, Doosan, and Bobcat, we expect to cooperate with domestic and foreign construction companies on various projects.”
Meanwhile, Xpanner, which was founded in May 2020, has achieved cumulative sales of KRW 10 billion in three years since its establishment. So far, the company has raised a total of over KRW 120 billion in cumulative investment.
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