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Companies that help builders source materials, stay compliant and communicate on the job site were the recipients of recent venture capital funding. Artificial intelligence, in particular, remains a point of interest for contractors looking to leverage technology to gain a competitive edge over their peers.
Here are six companies focused on construction technology that recently raised cash for investors.
Qbiq
16 million dollars
Tel Aviv-based architectural planning startup qbiq has raised $16 million in a Series A funding round, the the company announced on January 15. The round was led by New York City-based global software investor Insight Partners.
Qbiq’s software allows non-architect users and architects to immediately plan, visualize and optimize a given space, according to the release. With simple inputs that can include seat count or finishing material requirements, qbiq says its AI engine can generate a complete design package that includes optimized blueprints, 3D visualizations and quantity estimates.
With the investment, qbic will continue its push to standardize automated architectural functionality in commercial real estate.
Jones
15 million dollars
Insurance verification software company Jones, based in New York City raised $15 million in a Series B funding roundaccording to a January 7 press release. Radnor, Pennsylvania-based growth equity firm NewSpring Capital led the round.
Jones is an AI-powered vertical software company that helps real estate and construction clients accelerate the collection of certificates, approvals and insurance policies, according to the release. It also helps builders verify compliance and integrates bi-directionally with key enterprise resource planning systems.
With the investment, the company plans to expand software workflows and deepen ERP integrations. It also plans to launch what it calls “a set of AI-powered agents,” or intelligent assistants that automate routine tasks, reduce manual workloads and provide autonomous decision-making.
strength
13.5 million dollars
Paris-based construction communications company Kraft has raised €13 million ($13.5 million) in a Series A funding round led by London-based investor Dawn Capital . according to EU Startups.
Kraft bills itself as the “WhatsApp of construction,” according to the company’s website. Builders and craftsmen can exchange photos, messages and documents within the platform, and manage plans, permits and work orders.
By 2025, Kraft plans to introduce new features such as planning and timesheets for project management, along with API integrations for large services like Procore, according to EU Startups.
GovSignals
5.5 million dollars
Washington, DC-based contract procurement firm GovSignals completed a $5.5M Seed Funding Round and launched what it says is the first AI-powered platform to automate the entire government contract search and bidding process, according to the Dec. 9 press release. The round was led by Unusual VC, a venture capital firm based in Menlo Park, California.
GovSignals claims to take much of the time and complexity out of government procurement with its AI engine that finds new opportunities and flags relevant projects for users. The company says the tool helps companies create compliant proposals — meaning they meet all the requirements specified in the RFP — with just a few clicks, completing tasks in minutes that would take a research team months to complete. .
With the funding, GovSignals will invest in procurement and product development.
Ruck
5 million dollars
Ruck, the Provo, Utah-based materials marketplace that refers to itself as “the DoorDash for construction professionals.” raised $5 million in a seed funding round, according to a Jan. 4 LinkedIn post by CEO Lee Chang. The round was led by two investment firms: Chicago-based Snak Venture Partners and Miami-based Animo Ventures.
Ruck acts as a last-mile marketplace for building materials based on a builder’s geographic area, according to the company’s website. Builders in Utah, Arizona and Nevada can order from local stores, and Ruck says his couriers will deliver the items within two hours.
By 2025, the company plans to expand its services to Idaho, Colorado and Texas, according to its website.
CodeComply.AI
2 million dollars
Miami-based compliance startup CodeComply.AI has completed a $2 million seed round led by Winter Park, Florida-based Govo Venture Partners, the investment firm announced Jan. 15.
The company uses AI to help architects, contractors, developers and permit filers submit plans that the company says are fully compliant with building codes. It also equips public building departments with tools to review plans more quickly and efficiently, according to the release.
CodeComply.AI was co-founded by Patrick Murphya former congressman and CEO of another AI-powered company: the estimation and takeoff software company Togal.AI.
“By harnessing the power of artificial intelligence, we can eliminate the backlog of construction projects waiting for approvals and accelerate construction to address the housing crisis,” Murphy said in the statement .
