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Contech startups offering AI-based solutions, estimating software and modular construction services reaped the benefits of investor cash this cycle, amid renewed growth in the sector.
Cemex Ventures, the technology-focused venture capital arm of Mexico-based Cemex, said Global investments in contech grew by 32% sequentially in the third quarter to reach $734 million across 85 deals worldwide.
With that in mind, here are six companies that recently announced new investments:
gropyus
105 million dollars
Austrian modular construction company Gropyus raised 100 million euros ($105 million) in a funding round, according to an Oct. 7 press release. Semapa Next, part of Portuguese investment holding company Semapa Group, and US venture capital fund Practical Venture Capital joined the round.
Gropyus creates affordable and sustainable hybrid timber buildings using a modular process, with the help of its factory in Richen, Germany. The firm is currently working on two German projects: a 27-unit apartment building in Berlin and its first residential district, consisting of nine buildings with a total of 99 apartments in Immendingen, a small town near the southern border west of the country with Switzerland.
Funds from this financing round will be used for the expansion of its robotic smart factory in Richen, the development of technologies and the completion of the company’s portfolio of construction projects, according to the statement.
belt
38.8 million dollars
French reality capture and data management company Cintoo took out 37 million euros ($38.8 million) in a Series B funding round, the company announced in a Nov. 4 press release. The round was led by Partech based in Paris. Previous investors Amavi Capital, based in Ghent, Belgium, and Armilar Venture Partners, based in Lisbon, Portugal, also participated.
Cintoo transforms large 3D laser scan data into high-resolution 3D meshes, or digital models of a 3D object, which it claims are 10 to 20 times smaller without sacrificing accuracy, according to the press release.
Its software-as-a-service platform enables organizations using ground, mobile or drone scanners to efficiently manage, share and collaborate on their reality capture data. Cintoo says its ability to reduce the size of scanned data without compromising resolution enables faster uploads and reduces storage needs.
“This investment will allow us to accelerate the development of our platform, expand our global footprint and continue to innovate in the field of reality data management,” said Dominique Pouliquen, CEO of Cintoo, in the press release.
Document Crunch
21.5 million dollars
Atlanta-based document fulfillment company Document Crunch grossed $21.5 million in a Series B funding round, the company announced in an Oct. 9 press release. The round was led by Titanium Ventures and includes participation from Munich, Germany-based Nemetschek Group, along with major contractors such as Dallas-based Andres Construction and Houston-based Satterfield & Pontikes.
Document Crunch uses AI to search, flag, and evaluate contracts for discrepancies, builder queries, and issues that may arise during a project. Contractors, such as Balfour Beatty, have used the technology facilitate access to the stipulations of the contractsuch as procedures for work delays, even among field staff.
BiltOn (formerly Beti)
15 million dollars
New York City-based construction operations and risk management company BiltOn has completed a $15 million Series B funding round and rebranded from its previous name, Beti, the company announced on October 22. This investment was led by technology-focused growth equity firm PSG Equity, based in Boston, with additional participation from Titan Capital Partners, an investment firm based in Tel Aviv. , and New York City-based 97212 Ventures.
As part of its service portfolio, the startup’s platform offers 3D facial recognition for workforce verification, automated time tracking for payroll, day logs, incident reporting, security checklists, management of permits and monitoring of certifications, according to the release.
“We are pleased to increase our investment in BiltOn as they expand their operations in the United States and continue to provide valuable solutions to the construction industry,” Ronen Nir, managing director of PSG Equity, said in the statement.
Outbuild
11 million dollars
San Francisco-based construction planning and scheduling software company Outbuild raised $11 million in Series A fundingannounced on November 12. The round was led by hometown venture capital firm Sway Ventures with participation from Hilti Venture, Trimble Ventures, BGV and Zacua Ventures.
Outbuild is a scheduling and planning software solution designed to improve project management in the construction industry, according to the press release. It provides real-time insights and project analysis through customizable dashboards that it claims enable construction professionals to optimize scheduling, increase efficiency and reduce delays.
The investment will help drive Outbuild’s targeted 100% increase in business growth by fall 2025, support significant team expansion and advance a product roadmap that includes artificial intelligence, according to the signature
AI drawer
5 million dollars
Austin, Texas-based provider of AI-based estimating systems Drawer AI shut down a $5 million seed round led by San Francisco-based Brick & Mortar Ventures, with participation from Base 10 Partners, another city-based VC, announced the signing in October. The company comes out of stealth mode along with the capital raise and launches with six electrical contractors already using the product.
Drawer AI uses advanced machine learning technology to automate the entire estimation process, including information gathering, industry standard application and conduit routing design, which it claims makes the ‘estimation is faster and simpler.
Drawer AI will use this funding round for product expansion, team scaling and customer acquisition, according to the release.
