In the past few years, the construction industry has seen an infusion of funds from investors aimed specifically at helping innovative startups grow business in the construction industry. It seems this trend continues to gain even greater momentum, as two startups raised funding in the month of November alone.
The first comes from Built Technologies, www.getbuilt.com, Nashville, Tenn., which raised $21 million Series A investment. This brings the total capital raised to date by the company to $25 million.
This company’s software streamlines the collateral monitoring and draw process associated with servicing construction loans—a process that is both cumbersome and costly. Now, lenders can use data to make more informed decisions on their loans and provide borrowers a digital experience with faster access to money. This will push projects forward faster.
With the new capital, the company plans to accelerate innovation in both residential and commercial construction lending. A platform such as this could transform how the construction industry and bankers manage the lending process in the future.
Another example comes from Buildup, www.buildup.co, Palo Alto, Calif., which has raised $7 million Series A funding. The company offers construction companies a mobile jobsite collaboration solution to accelerate project completion.
One of the big benefits with this solution is it saves a significant amount of time, as superintendents no longer need to do extensive paperwork, since the system helps make processes paperless for them.
The company plans to use the funding to expand engineering, sales, and marketing teams, while continuing to build out its product offering for construction. Oren Cohen, CEO, Buildup, explains that one of his objectives for 2018 is to expand product and vision to do more exciting things for construction while solving big problems for them.
All this new innovation and investment is good news for the construction industry. Companies will have more options to improve collaboration and productivity at the construction jobsite.
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