Autonomous construction firm Bedrock hits $4.1 billion valuation
Company raised $600M in series C funding round
Bedrock Robotics Inc., a startup making driverless excavators and other autonomous construction machines, hit a $4.1 billion valuation in its latest funding round.
The company raised a $600 million Series C, co-led by CapitalG and Emergence Capital, it plans to announce Monday. The financing takes its fundraising to date to nearly $1 billion. Other investors, including Valor Equity Partners, 8VC and Nvidia Corp.’s venture arm, NVentures, also participated in the round.
The startup’s valuation has jumped significantly from its last fundraising effort in February, when it was valued at $1.75 billion during a $270 million round.
Bedrock is part of a burgeoning group of next-generation startups applying artificial intelligence in the physical world and industrial settings. In Bedrock’s case, the focus is addressing a shortfall in drivers and operators for construction equipment. The technology industry and federal government are increasingly focusing on expanding domestic infrastructure and industrial capacity as a nationwide data center buildout is underway.
Bedrock recently moved beyond testing. Since August, its self-driving excavators have been doing paid construction work on commercial job sites. Now it’s trying to scale that up by putting more autonomous machines to work and building the support needed to make them reliable enough for everyday construction.
Other backers in the round include venture firm Eclipse, Georgian, Perry Creek Capital and Temasek Holdings Pte.
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