Contech startups that deliver artificial intelligence-powered solutions, estimating software and modular construction services all reaped the benefits of investor cash this cycle, amid new growth in the sector.
Cemex Ventures, the contech-focused venture capital arm of Mexico-based Cemex, said overall contech investments grew 32% sequentially during the third quarter to reach $734 million across 85 deals globally.
Against that backdrop, here are six firms that announced new investments recently:
Gropyus
$105 million
Austrian modular construction company Gropyus raised 100 million euros ($105 million) in a financing round, according to an Oct. 7 news release. Semapa Next, which is part of the Portuguese investment holding company Semapa Group, and U.S. venture capital fund Practical Venture Capital both joined the round.
Gropyus creates affordable and sustainable timber-hybrid buildings through a modular process, aided by its factory in Richen, Germany. Currently, the firm is working on two German projects — a 27-unit apartment building in Berlin, and its first residential neighborhood, made of nine buildings with a total of 99 apartments in Immendingen, a small city near the country’s southwest border with Switzerland.
The funds from this financing round will be used for the expansion of its robotic smart factory in Richen, further development of technologies and the completion of the company’s pipeline of construction projects, per the release.
Cintoo
$38.8 million
French reality capture and data management firm Cintoo pulled 37 million euros ($38.8 million) in a Series B funding round, the business announced in a Nov. 4 news release. The round was led by Paris-based Partech. Previous investors Amavi Capital, headquartered in Gent, Belgium, and Lisbon, Portugal-based Armilar Venture Partners also participated.
Cintoo transforms large 3D laser scan data into high-resolution 3D meshes, or digital models of a 3D object, that it claims are 10 to 20 times smaller without sacrificing accuracy, according to the news release.
Its software-as-a-service platform enables organizations using terrestrial, 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 news release.
Document Crunch
$21.5 million
Atlanta-based document compliance firm Document Crunch raised $21.5 million in a Series B funding round, the company announced in an Oct. 9 news 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, mark and evaluate contracts for discrepancies, queries from builders and issues that may arise during a project. Contractors including Balfour Beatty have used the tech to create easier access to contract stipulations, such as procedures for work delays, even among personnel in the field.
BiltOn (formerly Beti)
$15 million
New York City-based construction operations and risk management firm BiltOn has completed a $15 million Series B funding round and rebranded from its former name, Beti, the company announced on Oct. 22. This investment was led by tech-focused growth equity company PSG Equity, based in Boston, with additional participation from Titan Capital Partners, a Tel Aviv-based investment firm, and New York City-based 97212 Ventures.
As part of its portfolio of services, the startup’s platform offers 3D facial recognition for workforce verification, automated time tracking for payroll, daily logs, incident reporting, safety checklists, permit management and certification tracking, per the release.
"We're thrilled to further our investment in BiltOn as they expand their operations across the U.S. and continue to bring valuable solutions to the construction industry," said Ronen Nir, managing director of PSG Equity, in the release.
Outbuild
$11 million
San Francisco-based construction scheduling and planning software company Outbuild raised $11 million in Series A funding, it announced on Nov. 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 enhance project management in the construction industry, according to the news release. It provides real-time insights and project analytics through customizable dashboards, which it claims empower construction professionals to optimize scheduling, increase efficiency and reduce delays.
The investment will help drive a targeted 100% increase in Outbuild's commercial growth by fall 2025, support significant team expansion and advance a product roadmap that includes artificial intelligence, according to the firm.
Drawer AI
$5 million
Austin, Texas-based AI-powered estimating system provider Drawer AI closed a $5 million Seed round led by San Francisco-based Brick & Mortar Ventures, with participation from Base 10 Partners, another VC in the city, the firm announced in October. The company is coming out of stealth mode alongside the capital raise and launching with six electrical contractors already using the product.
Drawer AI employs advanced machine learning technology to automate the entire estimating process — which includes information gathering, industry standard application and conduit routing design — which it claims makes estimating faster and easier.
Drawer AI will use this round of funding for product expansion, scaling the team and customer acquisition, per the release.
