Contech continues funding tear

Contech continues funding tear Construction Dive | May 10, 2023

On the Code Story podcast, René Morkos discusses his journey as a founder, his experiences in construction, and more.

As published on Construction Dive (Author: Matthew Thibault)

Even as interest rates climb, the hunger for new construction technology shows no signs of abating.

Contractors are demanding solutions that will help them complete projects faster, with on-time delivery and a backstop to help deal with the labor issues plaguing the industry.

Here are five firms that pulled in millions to scale their solutions and grow their businesses internationally.

$290 million

Columbia, Missouri-based equipment and digital solutions provider EquipmentShare completed a $290 million funding round, the company announced on April 19. The round was led by funds affiliated with BDT Capital Partners and included participation from other new and existing investors.

The company provides software and digital services for contractors, and also offers equipment retail and rental, according to its website. One of its key products is its T3 platform, which gives construction and industrial companies a real-time view into their equipment and jobsite operations.

The solution allows contractors to track all aspects of their equipment, which can help builders make decisions based on that data.

With the funding, the company plans to expand its U.S. footprint and build on its T3 technology platform.

Alice Technologies
$47 million

San Francisco-based contech firm Alice Technologies extended its Series B funding round by $13 million with equity financing from Swire Properties, the company announced on April 11. The investment, in addition to a term loan from Bridge Bank, brought the total value of the Series B funding to $47 million.

Alice Technologies’ primary offering is its proprietary “optioneering” technology, which can simulate different scenarios on a jobsite and provide “what if” analysis on the most promising options to determine how various choices or constraints affect projects outcomes. It also streamlines time-consuming processes like bids and scheduling.

With the funds, the company plans to continue building out its team and its product.

$31 million

Paris-based renewable materials firm Woodoo raised $31 million in equity, debt and grants, the company announced on April 24. The round was led by American investor Chris Sacca’s firm, Lowercarbon Capital.

Woodoo claims that it can take wood refuse, even in states of decay, and turn it into useful composite materials that can replace concrete, glass and steel. 

With the funding, Woodoo wants to expand its footprint and invest more in the industries its currently in, TechCrunch reported. According to the publication, about two-thirds of the funding was equity, with the remainder coming in the form of debt and grants. 

The company has deals with Volkswagen and Mercedes, and it recently garnered its first construction sector deal with European wood supplier Garnica. It is currently not available in the U.S., but Thimothée Boitouzet, Woodoo’s founder and CEO, told Construction Dive that the company planned to launch commercial operations in the States within the next two years.

Brainbox AI
$20 million

Montreal-based autonomous building technology firm Brainbox AI raised $20 million in funding, the company announced on April 28. The provincial government of Québec was a lead investor for $10 million through its venture capital company, Investissement Québec, alongside returning lead investor ABB.

The company uses AI to help owners monitor and control buildings’ energy usage, carbon footprint and operational efficiency. 

With the funding, the company plans to expand into more countries and continue to develop its decarbonization technology, according to the release. The product has been deployed in buildings in the U.S., Canada and Australia, among other locations. 

$5.5 million

San Francisco-based construction permit application and management software firm PermitFlow raised $5.5 million in a seed round led by Initialized Capital, the firm announced on May 8. Additional funders included executives from firms including Procore, PlanGrid and Mighty Buildings.

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