As the summer winds down, a handful of construction technology companies have completed investment rounds.
Flex
120 million dollars
Financial services company Flex raised $120 million in a Series A round of equity and debt financing, according to a September 19 press release. The company raised $20 million in equity capital, led by Tampa, Florida-based Florida Funders. San Francisco-based investment manager CIM will raise up to $100 million through debt financing.
Flex, formerly known as Flexbase, is a business finance company that offers credit card, banking and treasury management services to its customers.
Powerful buildings
52 million dollars
Prefab home builder Mighty Buildings raised $52 million in a funding round led by Saudi Arabian venture capital firm Wa’ed Ventures and US investment firm Bold Capital Partners, the company announced on September 12.
Oakland, California-based Mighty Buildings creates prefabricated and modular homes for consumers using 3D printing technology, according to the release. The company has produced more than 50 units since the announcement and aims to continue its current sustainability trends.
With the funding, Mighty Buildings will accelerate development and scale production of new homes for the US market, and will also establish manufacturing bases in Saudi Arabia and the United Arab Emirates. Interest in 3D printing has grown in the region, particularly in Dubai, which adopted a comprehensive 3D printing strategy in 2016. By 2030, the city-state predicts that 25% of its buildings will be 3D printed.
Agave
2.9 million dollars
Building software interoperability firm Agave raised $2.9 million in a seed funding round with participation from Palo Alto, Calif.-based investment firm Accel and startup accelerator Y Combinator, based in Mountain View, California. the company announced in August.
Agave acts as a bridge between the different products that a contractor can use on their jobsites: it markets to both software developers and construction professionals. On the software side, its API helps developers integrate their products. For contractors, it syncs data between programs and includes an analytics tool, according to their website.
With the funding, Agave will hire new engineers and work towards more integrations, according to TechCrunch.
pyrrhos
2 million dollars
Pirros, a Los Angeles-based architecture and engineering technology platform, raised $2 million in a seed funding round, the company announced Aug. 31 in a press release sent to Construction Dive. The round was led by San Francisco venture capital firms FundersClub, Twenty Two Ventures and Pioneer Fund, along with Y Combinator.
The company’s software classifies and catalogs drawings that AEC professionals use in their workplaces, according to the release. The drawings are then saved to the platform and indexed, allowing users to search past drawings without having to take the time to archive them.
“Our goal is to make every detail searchable and reusable, so engineers and architects can focus on improving the quality of their drawings instead of recreating details that already exist on their archive server,” Ari Baranian, co-founder and CEO of Pirros, said in the statement.
IVO systems
1.5 million dollars
Madison, Wis.-based construction management software company IVO Systems raised $1.5 million in a seed funding round, the company announced on September 6. The round was led by Green Bay, Wis.-based investment firm TitleTown Tech, a partnership between the NFL’s Green Bay Packers and Microsoft.
IVO Systems produces software that helps contractors with work order management, field access to work assets and executive reporting and dashboard functionality, according to its web site.
The developer will use the funding to increase its marketing and sales efforts to reach more construction companies, according to the announcement.
