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Contech startups that track vendors, decarbonize cement, manage contracts and run schedules were able to raise cash, even as commercial construction shows signs of softeningi high interest rates continue to hamper projects.
Here are five companies that announced funding rounds in the past month.
strong
85 million dollars
San Jose, Calif.-based cement decarbonization business Fortera raised $85 million in a Series C funding round, the company announced on August 20.
According to the release, Fortera’s ReCarb process plugs into existing cement manufacturing plants and captures industrial carbon dioxide emissions from traditional cement production. It then converts the gas into mineral form to achieve a ready-to-use low-carbon cement.
The technology operates at a significantly reduced kiln temperature and is compatible with the integration of renewable energy, which it claims would further reduce emissions and enable zero carbon dioxide cement production.
With the funding, Fortera will scale up the deployment of its low-carbon cement technology and build additional plants that manufacture the low-carbon cement.
Trunk tools
20 million dollars
New York City-based artificial intelligence platform Trunk Tools has raised $20 million in a Series A funding round led by Redpoint Ventures with participation from Innovation Endeavors, which led the company’s seed round, according to a August 20 news release.
Trunk Tools makes an AI-based tool that contractors can use to track project documents and contracts. Builders can use the service to get immediate answers without leaving the job site through a chat-like interface on their smartphones called TrunkText. Contractors such as Providence, Rhode Island-based Gilbane have used the service to manage large projects. Indeed, Gilbane tracked nearly 21,000 documents while renovating the Baird Center in Milwaukee.
Aside from its funding news, Trunk Tools also announced a new feature it calls Schedule Agent. The tool uses AI to link activities and events in a project’s calendar to underlying supporting documentation, according to the release.
plan
13.5 million dollars
Pleasanton, Calif.-based construction planning software Planera raised $13.5 million in a Series A funding round led by Sierra Ventures, according to the company on August 27.
Planera acts as a digital whiteboard that allows users to manipulate a master calendar in real time. Contributors can see each other’s notes, files, and comments, along with a change tracking system. Heavy construction company California Engineering Contractors, also based in Pleasanton, has used the solution as a replacing legacy Gannt systems.
With the funding, Planera will expand its product development and strengthen its sales and marketing efforts, Nitin Bhandari, co-founder and CEO of Planera, said in the statement.
cocoon
5.4 million dollars
London-based material decarbonization company Cocoon raised $5.4 million in pre-seed funding. according to an August 8 press release of the company Wireframe Ventures, Celsius Industries, Gigascale Capital and SOSV participated as investors.
Cocoon’s technology addresses an inadvertent drawback of decarbonizing steel production.
Slag, a byproduct of traditional steelmaking, has long been used to reduce the amount of cement that goes into concrete. Demand for slag has grown as it works as a green alternative to cement.
But as the steel industry moves from using blast furnaces that burn fossil fuels to electric arc furnaces, it has presented a different problem. The new e-slag from electric furnaces cannot be used as a substitute for cement, leading to a critical shortage of a material that concrete makers rely on to reduce their carbon footprint.
Cocoon says its technology takes e-slag and turns it into a nearly identical substitute for blast furnace slag, according to the release.
Its modular technology, the size of a shipping container unit, is highly scalable and integrates at the end of existing steelmaking processes without operational disruption, large capital expenditures or safety compromises, says the company
With the investment, it will scale its engineering and science teams, accelerate commercialization efforts and build an industrial laboratory and demonstration plant in the UK.
little horse
2.3 million dollars
New York City-based supplier and subcontractor management platform Trestle secured $2.3 million in pre-funding led by Lerer Hippeau, announced the deal in a September 4 news release.
Trestle’s centralized platform collects and connects key information from internal and external subcontractors and system providers, all in one place, according to the release. With the technology, builders can choose partners, improve project transparency, share real-time feedback on third-party performance on projects, and mitigate risk before it affects bottom lines.
With the funding, the company will grow its team of software engineers, Trestle CEO and co-founder Victor Zhang said in the release.
