11 Recent Contech Funding Announcements

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Companies focused on software and technology for construction companies have received millions of dollars in funding from investors in recent months.

The industry has seen a record funding of $2.1 billion injected into its coffers last year, and entrepreneurs embrace technology at a faster pace thanks in part to the pandemic. Investors have taken notice and continue to pump money into the sector.

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

BuildSecure
$96 million

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

The platform assists contractors throughout the planning and operation phases of constructions via a risk assessment platform. Although the program started out that way, the statement said, it has since expanded to help contractors find partners and subcontractors through prequalification.

The company plans to use the funding for further product development and expanding the company’s mission to mitigate risk, according to the release.

CompanyCam
$30 million

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

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

The company will use the funds to accelerate growth, expand product functionality and strengthen internal 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, backed by its new underground drilling technology, according to a statement. The funding round was led by venture capital firm DCVC.

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

The company believes demand for underground utilities will only grow, the statement said, in the face of climate change and grid disasters.

BrainBox AI
$24 million

Montreal-based autonomous building technology company BrainBox AI completed a $24 million Series A funding round in October, according to a statement. The company uses predictive and self-adaptive artificial intelligence to help contractors monitor and control the energy consumption, carbon footprint and operational efficiency of buildings.

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

Brigitte
$18.9 million

Bridgit, a Kitchener, Ontario-based workforce intelligence technology company focused on the construction industry, has raised C$24 million ($18.9 million) in funding from series B co-led by Camber Creek and Storm Ventures in October, according to a statement.

Launched in 2019, Bridgit Bench is a cloud-based platform that helps general contractors plan and grow their workforces, forecast project pipelines, and leverage project data to improve bidding decisions and staffing. Bridgit Bench has helped the company double in size and increase 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 corporate agreements with companies like Skanska, according to the release. With this funding, Bridgit aims to add more features and extensions to its current technology.

Assign
$16.5 million

Denver-based build operations platform Assignar announced 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 fintech sectors, according to a statement.

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

The company plans to introduce 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 workforce, according to the statement.

Aware of the site
$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 fights errors by creating a digital twin of the building the business is working on and, from there, generating information that contractors can use in their work. SiteAware’s purpose-built digital twin technology, combined with its proprietary AI, checks each installed item against 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 technology standard in the U.S. construction industry, according to the release.

StructureSite
$10 million

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

The company provides project tracking software that enables documentation of photo and video sites and supports integration with other software such as Dropbox and through other programmers such as Autodesk. The company has also partnered with other companies in the industry to deliver the program on other platforms.

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

Cintoo
$6 million

French and U.S. contech company Cintoo has announced a €5.3 million ($6 million) Series A investment from international investors AMAVI Capital, Armilar Venture Partners, Accenture Ventures, UI Investissement and Region Sud Investissement, according to a report. press release shared with Construction Plonger.

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

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

Ecobot
$2.8 million

Ecobot, a building technology company based in Asheville, North Carolina, announced on January 11 that it had raised $2.8 million in a funding round led by St. Louis, Missouri and Greenville, in South Carolina, Cultivation Capital, according to a statement.

Ecobot was co-founded in 2018 and focuses on digitizing the environmental permitting process, bringing greater efficiency and accuracy to field scientists and making data transparent and secure, according to the release. Ecobot customers generated more than 45,000 pre-construction environmental scan reports, according to the release.

The company plans to use the funding to expand the scope of its environmental permits and integrate additional project management tools into the platform, according to the statement. Also as part of this expansion, Ecobot will provide engineers with more integrated ways to leverage field data in a digital twin to improve the resilience of the built environment.

Concrete AI
$2 million

Los Angeles-based data science company Concrete AI announced on January 13 that it had raised $2 million in a seed funding round with participation from the Grantham Foundation for the Protection of environment, according to a press release.

The company uses AI and proprietary software to reduce concrete and cement costs by predicting material performance and optimizing material performance. The company says its program solves some of the biggest problems shaping the industry, such as the overdesign of concrete, the embodied carbon footprint of cement, rising material costs and falling margins, according to the statement.

According to the release, Concrete AI plans to use the funding to further expand the rollout of the program.

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