Canvas Paints $24 Million Round

SAN FRANCISCO — Canvas, a construction robotics startup, has raised a $24 million Series B led by Menlo Ventures. The financing included strategic investment by construction company Suffolk Construction with participation from Alumni Ventures Group and existing investors Innovation Endeavors, Brick & Mortar Ventures, Obvious Ventures, and Grit Labs. Canvas plans to use the funds to transform construction work by bringing robotics into the built environment, starting with drywall finishing.

In recent years, industries like manufacturing have been transformed by the introduction of robotics and digital tools. The construction industry is now on a similar precipice. Advancements in robotics technology have been stymied in construction due to the complexity of the ever-changing job site environment. But technology that Canvas has invented now makes it possible to bring robotics to the construction industry. By enabling skilled trade workers with a new class of tool, Canvas helps customers deliver unmatched quality, superior control over schedules, and safer working conditions on their projects. This comes at a time of critical need for the industry. Demand is forecasted to grow to unprecedented levels as population growth continues to outstrip the rate at which we can build. Canvas creates better project outcomes today while solving critical challenges for generations to come.

“Since our launch last fall, we’ve seen incredible demand for the Canvas system and our unique ability to set the bar on quality, safety, and predictability,” said Kevin Albert, CEO and Co-founder of Canvas.

Canvas launched out of stealth in November 2020, following three years building out its patent portfolio and working in partnership with leading builders and District Council 16 of the International Union of Painters and Allied Trades to perfect its approach. The Canvas system represents a major shift in the construction industry, by creating better tools for workers while rising to the building demand of the next century.

“We’re thrilled to be partnering with Canvas. Robotics is one of the most exciting opportunities of this generation, and advancements have finally made it possible to introduce the tech into unconstrained field environments,” said Matt Murphy, Partner at Menlo Ventures. “Canvas’ solution dramatically improves the timeliness, safety, quality, and cost of finishing (drywall) in construction, a trade that has been starved for innovation for over 50 years, until now!”

Canvas has started by focusing on drywall finishing, one of the most labor-intensive, unpredictable, and congested parts of the construction process. The company’s approach combines the skills and expertise of trained union workers with robotics technology that together unlock access to higher-quality beautiful spaces while improving working conditions.