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2023 was a challenging year for contech.
Despite a slight increase in the number of deals, funding for construction technology startups took a big hit, dropping to $3 billion last year to $5.4 billion by 2022, or 44%, according to Cemex Ventures reportthe venture capital arm of Cemex, based in Madrid.
However, even with the slowdown, some companies managed to land massive funding rounds, driven by their products and the resilience of the contech sector to broader economic conditions.
Here are nine of the best deals of 2023.
EquipmentShare
440 million dollars
EquipmentShare is a provider of digital equipment and solutions for the construction industry. The company offers software and digital services to give contractors visibility into their fleets, as well as a platform for renting and buying construction equipment, according to its website. the company it initially raised $290 million in April 2023 and acquired another $150 million in an overtime round in September.
Boston Metal
262 million dollars
Boston Metal’s scalable technology platform takes mining slag and recovers valuable metals through a process called molten oxide electrolysis, which uses electricity to selectively extract metals while producing a lower carbon footprint from the process.
the company grossed $262 million in 2023 and it started 2024 with an additional infusion of $20 millionaccording to its latest press release, its total funding to date at $282 million.
gropyus
109 million dollarsmillions
The The Austrian modular builder Gropyus took in $109 million in a Series B funding round in 2023. The company manufactures building elements in its factory and uses its own building operating system, complete with sensors, to control building elements with maintenance purposes and provide customer support.
Infogrid
90 million dollars
The property management software developer’s Infogrid platform collects data from a variety of Internet of Things sensors placed in buildings to help property managers understand their building environments. The UK-based company received $90 million in a Series B funding round in April.
carbon cure
80 million dollars
Carbon Cure technology allows producers to inject captured carbon dioxide into fresh concrete during mixing. The process mineralizes the gas to keep it out of the atmosphere while increasing the concrete’s strength. The machine that makes it possible is retrofitted in the concrete plant and does not need to be present on the site. the company raised $80 million in a Series B funding round.
Ubq
70 million dollars
This Israeli company takes garbage and organic waste, such as banana peels, diapers and pizza boxes, and turns them into a homogeneous thermoplastic that could replace petroleum-based plastics in industries such as construction. the company acquired $70 million in a round of Serie C.
perception
67 million dollars
This Israeli software developer creates programs that allow builders to use autonomous drones, robots and AI to inspect and monitor their jobsites and critical infrastructure. The firm also sells drones out of the box, equipped with software. His $67 million comes from a Series C funding round.
Powerful buildings
52 million dollars
The modular home builder creates adaptable wall components that are assembled on the job site, which the company claims can fit almost any plan. It uses a material it calls Lumus, which cures quickly into a stone-like compound that the company claims has five times the tensile and flexural strength of concrete while weighing 30% less. the company took in $52 million in a Series C funding round.
Buildops
50 million dollars
Buildops is a platform that integrates scheduling, shipping, inventory management, contracts, workflow, purchasing and invoicing into an all-in-one cloud-based suite. the company earned $50 million in a Series A funding round.
