Total amount raised
$43 Million
Latest funding date
8/1/2023
Location
Canvas has successfully raised funds through three distinct funding rounds, with the latest being a Series B. The company is backed by 11 investors, including Alumni Ventures.
Canvas's innovative approach to robotic drywall finishing has garnered significant financial support, reflecting confidence in its potential to revolutionize the construction industry. Keep reading to explore the intricacies of Canvas's fundraising journey and the investors backing this pioneering platform.
What Is Canvas?
Canvas is a pioneering robotics company based in San Francisco, California, specializing in creating advanced tools for the construction industry. The company operates within multiple industries, including artificial intelligence, construction, machine learning, real estate, and robotics.
Founded with the mission to revolutionize drywall finishing, Canvas employs between 51-100 people. Their innovative technology aims to improve the quality, speed, and affordability of drywall finishing while enhancing worker safety and productivity.
How Much Funding Has Canvas Raised?
- Series A
- Amount Raised: USD 19,000,000
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and enhance their robotic drywall finishing technology.
- Series B
- Amount Raised: USD 24,000,000
- Date: April 2021
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the integration of robotics into the construction industry, focusing on drywall finishing.
- Series B
- Amount Raised: Not publicly disclosed
- Date: August 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand their market reach and technological capabilities.
Total Amount Raised: USD 43,000,000
Current Valuation: Not publicly disclosed
Key Investors
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that has been investing in technology companies since 1976. They have a strong track record of backing successful startups and helping them scale.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: Uber, Roku, Warby Parker
- Suffolk Construction
- Details: Suffolk Construction is a national construction management firm known for its innovative approach to building and real estate development. They focus on integrating technology to improve construction processes.
- Investment Focus Areas: Construction, real estate
- Notable Investments: Various large-scale construction projects across the United States
- Alumni Ventures Group
- Details: Alumni Ventures Group is a venture capital firm that leverages the alumni networks of top universities to invest in a wide range of sectors. They aim to provide smart, simple venture capital to individual investors.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Beyond Meat, DraftKings, Allbirds
- Innovation Endeavors
- Details: Innovation Endeavors is a venture capital firm that invests in transformative technologies and companies driving systemic change across industries. They focus on long-term, impactful investments.
- Investment Focus Areas: Technology, healthcare, agriculture
- Notable Investments: Uber, SoFi, Plenty
- Brick & Mortar Ventures
- Details: Brick & Mortar Ventures is a venture capital firm specializing in construction technology and real estate innovation. They aim to improve the built environment through strategic investments.
- Investment Focus Areas: Construction technology, real estate innovation
- Notable Investments: BuildingConnected, Fieldwire, PlanGrid
What's Next for Canvas?
Canvas stands at the cusp of a transformative journey in the construction industry. With the integration of robotics into drywall finishing, the company is poised to enhance efficiency and safety on job sites. This opportunity is vast, given the labor-intensive nature of drywall work and the industry's growing demand for automation.
Future fundraising seems promising as Canvas continues to scale its technology and expand its market presence. The successful Series B round indicates strong investor confidence, paving the way for potential future rounds. However, challenges such as the complexity of job site environments and the need for seamless human-robot collaboration remain. Overcoming these hurdles will be crucial for Canvas's sustained growth and success.
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