Shadow Ventures co-led a $7.85 million financing round for Okibo, a Tel Aviv-based construction robotics company specializing in fully autonomous finishing robots.
Information on the Target
Okibo is a construction robotics enterprise based in Tel Aviv, known for its innovative development of one of the first fully autonomous "finishing" robots for construction. This pioneering technology focuses on tasks such as painting, drywalling, and plastering, aimed at improving the efficiency of construction projects. The recent financing round, totaling $7.85 million, is co-led by Shadow Ventures and BitStone Capital.
Industry Overview in Israel
The construction industry in Israel is experiencing significant growth, driven by increased demand for residential and commercial projects. However, it also faces pressing challenges, notably a workforce shortage. A recent report indicates that approximately 500,000 job openings are expected in 2024, which presents a substantial gap between labor demand and supply.
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Labor costs have surged by 25% due to this imbalance, and despite rising pay rates, 60% of construction projects still encounter delays related to labor constraints. With a significant port
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Shadow
invested in
Okibo
in 2023
in a Series A deal
Disclosed details
Transaction Size: $8M