Outsiders Fund
Assembly Line
PaintJet Raises $10M in Series A Funding to Protect the Nation’s Infrastructure from Premature Aging with Industrial Painting Robots
PaintJet, the robotics company bringing automation to industrial painting, today announced it has raised $10M in Series A funding to bring critical automation technology to the construction industry and address 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.
Rather than 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. This model enables PaintJet to tap into the $200 billion paint market without being reliant on a shrinking workforce.
With the new capital, PaintJet will relocate its headquarters from Nashville to Virginia in early 2024 and make strategic engineering, financial and operational hires. This move will also support the company’s expansion into marine-based projects. When used on ships, PaintJet’s proprietary paint can not only prevent rust and corrosion, but prohibit 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 – a significant reason the US Navy has a $3B budget just to paint its ships and submarines.