27/05/2022

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11 recent contech funding announcements

Companies focused on software and technology for construction firms have received millions of dollars in investor funding over the past few months.

The industry saw a record $2.1 billion in funding pumped into its coffers last year, and contractors are adopting technology at a faster rate thanks in part to the pandemic. Investors have taken note, and continue to pour money into the sector.

Read on to find out which firms generated the most capital.

ConstructSecure

$96 million

Burlington, Massachusetts-based construction software company ConstructSecure announced on Jan. 24 that it had raised $96 million in growth equity in a round led by Summit Ventures, according to a press release.

The platform supports contractors through the planning and operations phases of builds through a risk-assessment platform. While the program started out that way, according to the release, it has since expanded to help contractors find partners and subcontractors through prequalification.

The company plans to put the funding toward developing the product further and expanding the company’s mission to mitigate risk, according to the release.

CompanyCam

$30 million

Lincoln, Nebraska-based photo documentation and communication app for contractors CompanyCam raised $30 million in a Series B funding round last October, according to a press release. The round was led by Insight Partners, a New York-based global private equity and venture capital firm.

CompanyCam also just released “Showcases,” a feature that allows users to publish their CompanyCam projects directly to their websites in seconds, giving potential customers the opportunity to see the builds that contractors are working on.

The firm will use the funds to accelerate growth, expand product functionality and build up the in-house and remote teams to meet consumer demand, according to the release.

Petra

$30 million

San Francisco-based Petra, a robotics company that focuses on underground utilities, announced a $30 million Series A funding round last December, buoyed by its new underground drilling technology, according to a press release. The funding round was led by venture firm DCVC.

The company unveiled its boring robot, which it used to bore through 20 feet of the hardest rock on the planet, according to the release. Petra hopes that the robot will change the way underground utilities in areas with “nightmare geologies” are planned and created.

The company believes that the demand for underground utilities will only grow, according to the release, in the face of climate change and grid disasters.

BrainBox AI

$24 million

Montreal-based autonomous building technology company BrainBox AI had a $24 million Series A funding round in October, according to a press release. The company uses predictive and self-adaptive AI to help contractors monitor and control buildings’ energy usage, carbon footprint and operational efficiency. 

For its next step, BrainBox is planning to use its AI in buildings that the company claims will “work interactively” to put energy and capacity back into energy grids. BrainBox is one of the 10 companies selected to showcase its technology at the 2026 United Nations Climate Change Conference (COP26).

Bridgit

$18.9 million

Bridgit, a Kitchener, Ontario-based workforce intelligence technology company focused on the construction industry, raised CA$24 million ($18.9 million) in Series B funding co-led by Camber Creek and Storm Ventures in October, according to a press release

Released in 2019, Bridgit Bench is a cloud-based platform that helps general contractors plan and grow their workforce, forecast project pipelines and leverage project data to improve bidding and staffing decisions. Bridgit Bench has helped the company double in size and increased its revenue by 140% since its last funding round, according to the press release.

The company counts industry giants such as Clayco among its customers, and has enterprise agreements with companies like Skanska, according to the release. With the funding, Bridgit aims to add more features and expansions to its current technology.

Assignar

$16.5 million

Denver-based construction operations platform Assignar announced that it received $16.5 million in October, in a round led by Tiger Global, an investment firm focused on public and private companies in the global internet, software, consumer and financial technology industries, according to a press release

Assignar offers an operations platform for self-perform general contractors and subcontractors on public and private infrastructure projects in markets like the United States, Australia, New Zealand and Canada, according to the release, in fields such as infrastructure, road, rail, heavy civil and utilities.

The company plans to introduce an expansion in the first half of 2022 with powerful project optimization capabilities to bolster its products and services. The company has also already doubled its headcount, according to the release.

SiteAware

$15 million

Tel Aviv-based construction software company SiteAware announced that the company closed a $15 million Series B funding round on Jan. 26, according to a press release. The funding round was led by Vertex Ventures Israel in addition to existing investors such as Axon Ventures and Orzyn Capital.

SiteAware’s DCV platform streamlines construction and combats errors by creating a digital twin of the building the company is working on, and from there, generating insights that contractors can use in their work. SiteAware’s purpose-built digital twin technology, combined with its proprietary AI, verifies each installed element against the building plans in real time, according to the release.

The company will use the funds to fuel continued growth and establish DCV as a new technological standard across the U.S. construction industry, according to the release.

StructionSite

$10 million

Oakland, California-based construction software company StructionSite announced a $10 million funding round that included investments from 500 Global and PCL Construction, according to a press release shared with Construction Dive.

The company provides project tracking software that allows photo and video site documentation and supports integration with other software like Dropbox, and through other programmers such as Autodesk. The company has also partnered with other companies in the space to spread the program to other platforms.

The new funds will be used to expand StructionSite’s platform capabilities and grow in the market, according to the release.

Cintoo

$6 million

France- and U.S.-based contech firm Cintoo announced a Series A investment of 5.3 million euros ($6 million) from international investors AMAVI Capital, Armilar Venture Partners, Accenture Ventures, UI Investissement and Region Sud Investissement, according to a press release shared with Construction Dive.

Cintoo is the owner of Cintoo Cloud, an SaaS data and cloud service that allows companies to place their reality capture materials, such as from digital twin technology or visual components, into the cloud. The company claims it is used by more than 20,000 users.

The funding will help to expand Cintoo’s North American, European and APAC presence, grow Cintoo Cloud’s capabilities and develop new tools within the program.