As more mobile devices make their way onto construction sites and software changes how these sites are managed, funding to construction tech startups has already set a multi-year high in 2015.
In total, construction tech startups have raised nearly $350M across more than 100 deals since the start of 2010, according to CB Insights data. Prominent VC firms including Sequoia Capital and Greylock Partners are among the investors betting on tech startups operating in the construction industry. Specifically, Sequoia led an $18M Series A round to PlanGrid, a construction app allowing contractors and architects to collaborate on project plans, specs and photos, while Greylock invested in a $6M Series A to Rhumbix, which provides a mobile platform for construction field supervision.
By definition, construction tech encompasses startups providing on-site and offsite software and hardware as well as online rental and buying sites for the construction industry.
As the market for construction tech grows, there are several startups that have raised tens of millions of dollars in investor funding including IronPlanet, an online marketplace for used heavy construction equipment, and Procore Technologies, a construction management cloud software company. Viewpoint Construction Software raised $86M before Bain Capital took a majority stake in the Portland, Oregon-based construction software firm in April 2014. Below are 10 of the most well-funded companies within construction tech.
|Company||Description||Total Funding ($M)||Headquarters|
|IronPlanet||Online marketplace for used heavy construction equipment||76||Pleasanton, CA|
|Procore Technologies||Project management construction software||50||Santa Barbara, CA|
|Newforma||Construction collaboration software||21||Manchester, NH|
|PlanGrid||Mobile construction collaboration and punchlist app||19||San Francisco, CA|
|Sefaira||Software for high performance building design||18||London, UK|
|FieldLens||Construction field management and communication tool||12||New York, NY|
|Flux Factory||Construction collaborative design software||10||San Francisco, CA|
|Getable||Online price comparison and construction equipment rental||8||San Francisco, CA|
|Rhumbix||Mobile timekeeping for construction||6||Orinda, CA|
Photo Credit: Sascha Kohlmann
Looking for more financing and exit data for construction tech? Sign up for the CB Insights Venture Capital Database free below.
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity