Dive Brief:

• Construction technology company Procore unveiled its new Construction OS offering today that aims to integrate and store project information in a single platform.

• During an event in Austin, TX, the company also introduced two cloud-based products, Procore Construction Financials and Procore Quality and Safety.

• The Carpinteria, CA–based company promoted its open API and said third-party applications will be able to more easily connect to Procore through the new Construction OS platform. 

Dive Insight:

As technology options and mobile solutions become more popular in construction, companies want improved interoperability among the devices they use and the data they collect. Procore's new platform aims to tackle some of the challenges around translating that data into actionable information. 

Procore, which launched in 2003, achieved a $1 billion valuation in December 2016 following a $50 million funding round led by Iconiq Capital. 

Earlier in 2016, Procore's valuation started to approach that of a major competitor in the construction management software space, Textura. In January 2016, the publicly traded Textura had a market capitalization of almost $590 million. In April 2016, technology giant Oracle announced that it had struck a deal to buy Textura for $663 million with the intent of incorporating it into a new business unit along with its Primavera line of products.

Mobile and cloud-based project management technology is proliferating in construction, with applications from safety auditing to timekeeping to asset tracking. While the construction industry is still in the process of embracing these new tools and platforms, experts say that companies that fail to keep up with the newest innovations run the risk of getting left behind.