8 Construction Technology Firms to Watch as They Expand
Many construction tech startups saw fresh rounds of funding in the past few months. Investors have backed companies that are offering faster, easier technology for a wide variety of construction tasks, on and off the jobsite.
The trend began before the pandemic, but continued as contractors found themselves scrambling to keep jobsites working. Here’s a look at the contech startups that received funding in the past few months:
Construction finance platform Built Technologies, which helps fund construction projects, raised $88 million in a new funding round in February. The new funds will be used to expand the Built for Lending product suite and accelerate go-to-market efforts to serve more construction lenders in the U.S. and Canada, according to a news release.
DroneDeploy raised $50 million in Series E financing, according to a February news release. The funding will be utilized to expand DroneDeploy’s products, accelerate expansion into Europe and explore opportunities for acquisitions. San Francisco-based DroneDeploy uses drones and ground-level cameras to collect and analyze visual data for companies.
Dublin, Ireland-based GoContractor raised $5 million in Series A funding according to a February news release. The funding will allow the startup to further scale across U.S. and European markets to grow sales, support and marketing teams and increase investment in its research. GoContractor is a worker and subcontractor onboarding and data management solution.
Construction tech startup Matrak received $5.85 million in funding according to the Sunday Morning Herald. The Series A round valued the startup at $30 million. Matrak was devised as a tracking network that provides end-to-end supply chain information for contractors. The startup will use the new funding to expand sales and marketing in Europe and Asia.
Soil Connect, a digital marketplace for the soil and aggregates industry, received $3.25 million in seed funding in December, according to an official release. The startup will use the proceeds to continue its team growth and to introduce new enhancements to its platform.
Tel Aviv, Israel-based artificial intelligence-powered construction planning company Swapp announced in January that it had raised $7 million in seed funding. Swapp’s platform generates and optimizes design options supporting the coordination of structural plans, producing detailed construction drawings and plans according to customers’ needs.
In January, Redwood City, California-based TraceAir, a construction site development platform that uses drones to develop 3D maps of construction projects, announced it had completed a $3.5 million Series A funding round from an international pool of investors. The newest capital will be used to grow marketing and sales and accelerate new product features.
In early December, Los Altos, California-based Versatile announced $20 million in Series A funding. Versatile is the developer of machine learning and AI service CraneView, which optimizes the construction process via data captured from a camera mounted at the bottom of a jobsites crane hook.