Endless Robotics, a Hyderabad-based startup that makes products for automating painting in the construction and real estate industries, on Wednesday said it raised USD 100,000 in pre-series funding from angel investors on deal-making platform Termsheet.io.
The funding round saw the participation from individual investors and angel investment firms from the US, Singapore and India.
The funds will be used by the startup for product development, hiring talent, training service personnel and piloting their service.
Founded in April 2015 by five 5 engineers from BITS Pilani & IIIT Hyderabad, Endless Robotics is primarily a commercial robotics startup working on a series of automation products for decorative painting in the construction and real estate development space, and aims to solve the lack of innovation in the painting industry.
According to the founders the robots produced are 30 times faster than handheld brush painting and the solution uses the best of spray mechanisms with the precision, consistency and intelligence. The team plans to target small to mid-level new residential projects in Hyderabad in order to gain momentum.
“In the coming months we will integrate our products into our services, strengthen our team and increase adoption among customers. We will use the funds in product development, hiring talent, training service personnel and piloting our service on small to medium scale constructions” said Srikar Reddy, one among the cofounders.
The total addressable market (TAM), which is all painting jobs in India is a 3.6 Billion USD market but, the startup insist that its key markets lie in Tier 1 & major Tier 2 cities which is a 1.2 Billion USD market with a CAGR of 25%.