9 contech companies bring money to investors


The COVID-19 crisis has put construction technology in the spotlight. Contractors used technology to keep tabs on their jobsites and ensure work was progressing on schedule, while in-person office work stopped. A range of startups have developed new solutions, some of which may become staples of construction documentation and management in the future.

At the start of the summer, here’s a look at a few notable contech companies that received new funding this spring.

Avvir

Avvir, a New York-based startup valued at $ 40 million, announced at the end of March that it had raised $ 10 million in a funding round led by Trust Ventures, VentureBeat reported. Avvir uses laser scans and artificial intelligence to find and report construction errors. The startup’s platform also updates BIM models to make it easier to track construction progress.

Customers upload their BIM models to the Avvir portal where construction workers use mobile scanners on site to document 30,000 square feet per hour, even during construction. Avvir’s algorithms then compare the scans to construction plans to detect errors and delays, the startup website says. This then allows contractors and other stakeholders to take corrective action on the ground or push to update plans.

Applicant

Aclaimant, a security and risk management platform, announced in April he had raised $ 15 million in Series B equity and debt financing led by Next Coast Ventures, bringing the company’s total funds raised to more than $ 20 million. Using Aclaimant, customers can store security incident information, digitize security procedures and protocols, set up electronic incident and complaint submissions, complete certain required OSHA forms, and view data and other valuable information. .

Adam Rogers, former CEO of Ultimate Software, and previous investors Mercury Fund, KEX Ventures, Royal Street Ventures and Aspen Capital Group also participated in the round. The funding follows a year when Aclaimant reported its highest revenue and increased system usage by 400%, according to the company.

Briq

Financial software startup Briq announced earlier this month that it had raised $ 30 million in a Series B funding round led by Tiger Global Management. The funding brings Briq’s total raised to $ 43 million, The tech crisis has been reported.

In April, Briq added to its platform with the release of BriqCash, the first construction payments and rewards platform focused on how contractors manage their spending and cash flow. Product features include automating expenses and invoices; physical and virtual debit cards; virtual bank accounts; project-level cost code and expenditure authorizations and payment cards for the project team and field workers.

Canvas

Construction robotics startup Canvas has raised $ 24 million in Series B funding led by Menlo Ventures, the company announced in April. Funding came from a strategic investment from Suffolk Construction, in addition to participation from Alumni Ventures Group and existing investors Innovation Endeavors, Brick & Mortar Ventures, Obvious Ventures and Grit Labs.

Canvas, which developed robotics for drywall construction, was previously a finalist chosen by Suffolk Boost Program, where the entrepreneur helps startups solve their challenges and expand their networks.

Extractor

Change order communications platform Extracker announced that it has raised $ 5.3 million in Series A funding with Jackson Square Ventures. The app helps contractors and contractors track change orders through automated organization, documentation, and real-time visibility. Extracker includes change order logs, time and material labels, notifications, and basic templates for quick communication.

Extracker will use the new funding to scale its product and expand its team size, according to a statement shared with Construction Dive.

Flexbase

Flexbase, an automated payment platform for entrepreneurs, announced in May $ 2.5 million in pre-seed Fund raising. Suffolk Technologies was among the investors.

The startup aims to improve the speed of cash flow in the construction industry by enabling contractors to quickly send invoices and documents to clients. On average, says Flexbase, its customers are paid 63% earlier.

Open space

Photo of construction site OpenSpace startup documentation and analysis announced in April that it had received $ 55 million in Series C funding, led by Alkeon Capital Management. OpenSpace has seen its revenues triple and the number of customers increased by more than 150%, according to the announcement. Site captures also increased by 300% during this period.

The platform uses AI to create 360-degree photographic representations of construction sites during regular guided tours. Workers attach a small camera to their helmets and walk around the site normally, with OpenSpace passively capturing images in the background. The imagery data is then uploaded to the cloud, where algorithms map the photos to project plans and stitch them together, creating a visual representation of the site similar to the style of Google Street View.

Tool belt

On May 20, ToolBelt, a platform designed to connect construction workers with employers, announced $ 2.5 million raised in a Series 2 cycle led by HR Tech Investments. Saint-Gobain, the French manufacturing company, also contributed to the round.

The Portland, Oregon-based startup focuses on residential construction and can help contractors find a highly skilled or general workforce, as well as subcontractors or full-time employees. The growing presence of ToolBelt in the Pacific Northwest, according to the announcement, is part of what motivated the investment.

Veev

Real estate development startup Veev – formerly known as Dragonfly Group – announced in March that it had received $ 100 million in funding, bringing the total it had raised to $ 200 million. Funding comes from listing on TASE UP, an Israel-based digital platform for companies seeking capital from qualified investors who remain private.

Veev builds single and multi-family homes, using modular prefabrication and a streamlined design to deliver homes at a lower cost and four times the industry standard, according to the release. The funding announcement follows the completion of a 78-unit emergency housing project in San Jose, Calif., Which was completed in less than 90 days.

The company also recently showcased its accessory housing unit model, a modular housing unit built over much of an existing main house, as it continues to expand its presence in California.

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