California‑based Xpanner closed a $18 million bridge round led by Korea Investment Partners, with KB Investment Co. also participating. The funding lifts the startup’s total capital to $38 million since its 2020 launch and backs its X1 Kit, a retrofit that turns owned construction machines into autonomous assets. Clients such as Mortenson and Black & Veatch now pay subscription fees for specific tasks rather than buying new equipment.

Revenue climbed from $3 million in 2023 to $7 million in 2024 and is projected at $21 million for 2025, according to CFO Ryan Park. The company posted $8 million in revenue and $1 million in EBIT in Q1 2026, maintaining gross margins above 80% thanks to its subscription model. With monthly break‑even achieved in 2025, Xpanner aims for $60 million annual recurring revenue by year‑end.

The fresh capital will fund the next generation of physical AI hardware, expand data and AI infrastructure, and push the business fully onto its subscription framework. By avoiding hardware replacement, Xpanner sidesteps the scalability ceiling that traps many construction‑automation firms, positioning its task‑specific software approach as a rare profit engine in a traditionally hardware‑heavy market.