This week on Shark Tank, Mark Cuban made an interesting $3 million investment. It wasn’t the type of invention you might expect. But Cuban did call it a “game changer.” In fact, this is a robotic production process that completely revolutionizes the construction industry. It’s not a big fancy piece of equipment that does some very difficult job. But it does perform a very mundane task that is done over and over at construction sites.
The system is called Toggle and it lifts and manipulates rebar, allowing humans to do the final act of wire-tying. With so many large-scale construction projects going on around the world, the experts truly admit that this could be a game changer.
Toggle CEO and co-founder Daniel Blank, the CEO and company-found of Toggle comments:
“Reinforced concrete is the fundamental building block of all large-scale construction and rebar is, of course, a key ingredient. It’s found on virtually 100% of construction sites, particularly those in the large, urban high-rise and infrastructure categories.”
As all construction workers know, the traditional procedures for working with rebar are labor-intensive. In addition, this can be dangerous for workers. The Toggle system is a tall robotic creature with large vertical and horizontal arms. It picks up the heavy pieces of rebar and then manipulates them, holding each piece in place while workers tie the wires.
Funding for the project was led by Point72 Ventures’ AI Group which was joined by Mark Cuban of Shark Tank. Cuban is a popular “shark” on the TV show and typically only invests in solid ideas. He seemed enthusiastic about the investment, saying, “Toggle is leading the way toward new automated solutions for the fabrication and assembly of rebar using robotics in a U.S.-based factor. We’re excited about bringing the next generation of factory jobs and pushing forward advanced robotic solutions.”
Toggle is currently being used on several big construction projects in NYC and its creator believes the system can be used on almost limitless types of construction projects for commercial and residential construction.
Daniel Blank and the Toggle group are headquartered in New York City. They are currently working on some additional new robotic technology for the construction industry.
Mark Cuban seemed excited about investing in their future technology, saying, “As we’ve seen time and time again, when legacy industries are paired with evolving technologies, these industries begin to see exponential growth potential after years of stagnation.”