PaintJet – the robotics company bringing automation to industrial painting – recently announced it has raised $10 million in Series A funding to bring critical automation technology to the construction industry and address widespread labor shortages. And the latest funding round was led by Outsiders Fund with participation from 53 Stations, Dynamo, Pathbreaker Ventures, MetaProp and VSC Ventures. This brings PaintJet’s total funding to $14.75 million.
All of the commercial buildings need to be painted for protection from the natural environment, but the American painting sector lacks 100,000 laborers that are needed to meet today’s project demands. And this number is expected to rise due to the increasing frequency and severity of extreme weather events, leading to faster building deterioration and more frequent repainting. Automation like that provided by PaintJet’s robotic solutions is becoming a critical necessity to address this growing demand for protective coatings and paint.
Instead of selling or leasing its robots to construction teams, the startup provides a comprehensive service inclusive of its robot and proprietary paint and maintains oversight of the painting process from start to finish. And this model enables PaintJet to tap into the $200 billion paint market without being reliant on a shrinking workforce.
With this funding round, PaintJet will relocate its headquarters from Nashville to Virginia in early 2024 and make strategic engineering, financial and operational hires. And this move will also support the company’s expansion into marine-based projects.
When used on ships, PaintJet’s proprietary paint not only prevents rust and corrosion, but also prohibits mollusks, algae, and fungus from attaching to the bottom of a boat. Without this layer of protection keeping the boat’s bottom smooth, ships could lose 40% of their fuel economy due to increased drag – a major reason the US Navy has a $3 billion budget just to paint its ships and submarines.
In October 2023, PaintJet launched its latest innovations, the Bravo robotic painter and its Alpha Shield paint to provide a complete solution for industrial painting. Alpha Shield paint – with its proprietary formula – lasts twice as long, reducing the frequency and cost of repainting for building owners. And it also results in a 9% average reduction in air conditioning expenses due to its insulating properties. Plus, the Bravo robot, powered by predictive analytics imaging, uses 25% less paint overall, driving down operational costs, minimizing exposure to toxic chemicals, and ensuring a higher-quality finish that requires less maintenance over time.
The company’s technology is trusted by customers including Prologis, Clayco, Layton Construction, Brinkmann Constructors and more.
KEY QUOTES:
“Our latest round of funding has officially signaled that help is on the horizon for the industrial painting industry. It’s not just about automation; it’s about redefining industry standards, addressing labor shortages, and introducing cost-effective solutions that break the mold of traditional painting. I’m thankful to our investors for backing our mission and enabling us to expand both geographically and across new sectors.”
— Nick Hegeman, CEO and co-founder of PaintJet
“The demand for skilled labor in construction is rapidly outpacing the available workforce. PaintJet’s innovative solutions address this acute labor shortage while making significant strides in transforming the industry. There are a number of features that make the business uniquely exciting. PaintJet’s market exhibits acyclical demand while suffering from structural inefficiency, and the business itself has both a differentiated technical approach and a force-of-nature team with rare expertise in commercial painting. We’re energized to partner with them to grow their team, offerings, and reach.”
— George Easley, Principal at Outsiders
“PaintJet’s system is truly exceptional. The speed, precision, and quality it delivered surpassed anything I had ever seen. It’s changing the way we approach industrial painting and setting the gold standard for efficiency and protection.”
— Shaun Carter, superintendent for Vardaman Construction
