Bedrock Robotics has completed a round of financing of $600 million, with a post-investment valuation reaching $4.1 billion, indicating that this autonomous driving technology startup, which was established just two years ago, is rising rapidly.
This round of Series C financing was co-led by CapitalG and Emergence Capital. It has only been two months since the company reached its last major milestone: its autonomous excavators are no longer limited to testing and pilot projects, but have begun to operate on actual construction sites.
Bedrock Robotics has developed an autonomous driving kit that can be modified for use on construction and other types of work vehicles. Excavators equipped with this technology are currently in commercial operation at a water treatment facility in Nevada, a construction site in Texas operated by Champion Site Prep, and in a civil engineering project involving 1.2 million cubic yards undertaken by Zachry Construction Corporation.
Since its establishment in 2024, Bedrock has raised nearly $1 billion in funding. The company's founding team consists of several seasoned professionals from the autonomous driving and robotics industries. Co-founder and CEO Boris Sofman previously led an autonomous driving truck project at Waymo, which has since been shut down. He also co-founded and led a consumer robotics company, Anki Robotics. The Cozmo robots produced by this company were once very popular but were discontinued in 2019.
Other co-founders include veteran Kevin Peterson, who currently serves as the Chief Technology Officer of Bedrock; as well as Ajay Gummalla, who holds the position of Vice President of Engineering at Bedrock. Tom Eliaz has previously worked at Segment and Twilio, and is also a co-founder and Vice President of Engineering for the company.
This new funding will help Bedrock accelerate its transition to commercial operations. The company plans to deploy its technology to more construction sites, while also expanding the team and infrastructure necessary to support on-site customers.
"We have proven that fully autonomous excavators can collaborate with the existing teams and work processes on construction sites to complete work of practical value. The next challenge is to make this capability a reliable part of the project construction methodology and deliver it to more contractors," Sofman stated in the declaration.
Bedrock pays particular attention to autonomous excavators, partly due to the increasing shortage of skilled operators. Bedrock states that it takes five years or more to master excavator operation. At the same time, more and more construction workers are approaching retirement age. The American Contractors and Builders Association estimates that over 40% of construction workers will retire in the next five years.
Bedrock As the labor gap widens, industries will increasingly turn to autonomous driving technology to fill this gap.
The latest partner of this startup is the general contractor Haydon based in Arizona, which plans to use equipment equipped with Bedrock technology in multiple projects, including advanced manufacturing facilities, water and wastewater treatment, data centers, and medical facilities.
The new investors in this round of financing include US Innovative Technology Fund ( USIT ), Bessemer Venture Partners, and Temasek; existing investors 8VC, Georgian, Valor Equity Partners, Xora, Eclipse, Perry Creek Capital, as well as NVIDIA, also participated in this round of financing.
As the scale of business operations expands, Bedrock also announced two senior management appointments. Amy Jones Satrom, who has previously worked at Amazon, Nuro, and Uber, has joined Bedrock as the Vice President of Operations. Lando Juarez, who was previously in charge of legal affairs for Uber's autonomous driving and delivery services, has been appointed as the Chief Legal Officer.
