PaintJet (Hendersonville, Tennessee, USA), the robotics company bringing automation to industrial painting, announced that it recently raised $10 million in Series A funding to bring critical automation technology to the construction industry while addressing widespread labor shortages.
The latest round of funding was led by Outsiders Fund with participation from 53 Stations, Dynamo, Pathbreaker Ventures, MetaProp, and VSC Ventures, according to the startup company. This brings PaintJet’s total funding to $14.75 million.
All commercial buildings should be painted for protection from the natural environment, according to PaintJet. But the American painting sector is in crisis, lacking 100,000 workers that are needed to meet modern project demands. Furthermore, this number is expected to rise due to the increasing frequency and severity of extreme weather events, which leads to faster building deterioration and more frequent repainting needs. Automation, such as that provided by PaintJet’s robotic solutions, is becoming a critical necessity to address this growing demand for protective paints and coatings.
Rather than selling or leasing its robots to construction teams, the startup provides a comprehensive service inclusive of its robot and proprietary paint while maintaining oversight of the painting process from start to finish. This model enables PaintJet to tap into the $200-billion paint market without being reliant on a shrinking workforce, the company explains.
"Our latest round of funding has officially signaled that help is on the horizon for the industrial painting industry,” says Nick Hegeman, CEO and co-founder. “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.”
“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,” adds George Easley, principal at Outsiders. “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.”
With the new capital, PaintJet plans to relocate its headquarters from Nashville to Virginia in early 2024 while making strategic engineering, financial, and operational hires.
This move will also support the company’s expansion into marine-based projects. When used on ships, PaintJet says its proprietary paint can prevent rust and corrosion while prohibiting mollusks, algae, and fungus from attaching to the bottom of a boat. Without this layer of protection keeping the boat’s bottom smooth, ships can lose 40% of their fuel economy due to increased drag. This is a significant reason the U.S. Navy has a $3-billion budget for the painting of its ships and submarines.
In October 2023, PaintJet unveiled the Bravo robotic painter and its Alpha Shield paint as its latest innovations, with both designed to provide a complete solution for industrial painting. The Alpha Shield paint, with its proprietary formula, lasts twice as long as conventional options, according to the company. It also reduces the frequency and cost of repainting for building owners and, due to its insulating properties, results in a 9% average reduction in air conditioning expenses.
The Bravo robot, powered by predictive analytics imaging, uses 25% less paint. This drives down operational costs, minimizes exposure to toxic chemicals, and ensures a higher-quality finish that requires less maintenance over time, the company explains.
The company’s technology is already trusted by customers including Prologis, Clayco, Layton Construction, Brinkmann Constructors, and more. The goal is to provide high-quality painting that prevents projects from premature aging.
“PaintJet’s system is truly exceptional,” says Shaun Carter, superintendent for Vardaman Construction. “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.”
Source: PaintJet, www.paintjet.com.