Dive Brief:
- Construction tech startup Katerra has grown its first round of funding to $75 million, according to the Silicon Valley Business Journal.
- Although the investors remain undisclosed, the Business Journal reported that Foxconn invested $51 million in January. The company also announced it is hiring for "several key positions," including area manager, senior business systems analyst and business strategist.
- Founded in 2015, the company provides product design and procurement services for the construction industry, including companies aimed at the smart home market, according to Bloomberg. Katerra also manages the supply chain for construction projects and "deploys smart home capabilities" into its building products.
Dive Insight:
Katerra is the latest in a wave of construction tech startups scoring big on the investment front. Just this month, zlien, a construction lien rights management startup, announced a $1.3 million investment round led by Brick & Mortar.
In February, another industry startup, Architizer, announced $7 million in Series A financing. Architizer, which started as an online portfolio service for architects, provides product-sourcing tools for the architectural industry.
And in somewhat of a surprise move, Caterpillar emerged as a financial backer of Uptake Technologies, which uses sensors to transmit equipment maintenance and performance data to users. Uptake won the title of Forbes’ 2015 hottest startup and reached a $1 billion valuation last October.
TechCrunch noted last month that the recent surge in construction startup activity and the major investor interest signals that "if you're building it, venture capital will come."
