6 of the summer’s top contech funding rounds

Construction technology, like the overall industry, seems to be weathering the current economic downturn. Contech is performing strongly along with other construction sectors such as industrial and infrastructure, even as experts debate whether the overall economy is in recession.

Read on about six companies that had very successful funding rounds over the summer.

Nexii

A darling of the modular building industry, Abbotsford, British Columbia-based Nexii raised an additional $35 million this past summer, pushing its valuation to more than $1.5 billion. The funding round was led by Horizon Technology Finance Corporation and Trinity Capital.

The company has stepped in to fill the gap that former modular unicorn Katerra occupied before the latter’s high-profile collapse. Nexii plans to use the funding to push its projects into the hospitality and retail sectors.

OpenSpace

San Francisco-based data capture software and analytics firm OpenSpace secured $9 million in strategic funding, adding to an already large $102 million Series D funding round, for a total of $111 million, the company announced on Aug. 9. The capital comes from existing investors Taronga Ventures and GreenPoint Partners, according to the release.

OpenSpace uses its data capture and analytics software to create a digital twin of a jobsite. It stitches together videos and photos taken with a 360 degree camera, and pins them to the floor plan, according to the company. The investment will be used to continue scaling the business and expand its AI-powered products, according to the release.

Terabase Energy

Berkeley, California-based Terabase Energy, which aims to increase solar energy adoption through robotic automation, completed a $44 million Series B financing round co-led by Breakthrough Energy Ventures, founded by Microsoft co-founder Bill Gates, and Prelude Ventures, the company announced on Aug. 2. The funding round was also joined by existing investors, and brings the company’s total valuation to $52 million.

The company uses an “automated field-factory” that can run 24 hours a day, seven days a week, to create solar farms that are constructed with the help of robotics. The company claims that the machines can significantly reduce construction costs and times.

With the new funding, Terabase plans to further its development of the automated factory product. The company has already announced its first commercial project, and aims for full commercial deployment in 2023.

TestFit

Multi-faceted software company TestFit announced on July 26 that the company completed a $20 million Series A funding round led by Parkway Venture Capital. The company’s financing has reached $22 million to date.

TestFit’s software combines an editable digital twin with accounting programs to provide a one-stop program for contractors working on large projects. Using the funding, the company will continue to improve its product for the commercial real estate market.

Agorus

San Diego-based construction technology company Agorus raised $6.5 million in a seed round as the company eclipsed $10 million total invested, the company announced on June 30. Blackhorn Ventures led the investment, followed by Toyota Ventures, Point72 Ventures and others.

Agorus aims to help address the housing crisis by building homes more cheaply. It does this by assembling homes with machine efficiency on an assembly line. The home is then shipped to a site and installed by a construction crew. Current offerings include both single-family and multifamily homes, according to the company. 

The company didn’t specify what it planned to do with the funds raised.

Iris Technologies

Silicon Slopes, Utah-based construction software firm Iris Technologies raised $3.2 million in seed funding, the company announced on July 20. The seed round was led by Resolute Ventures, with Animo Ventures, Long Journey Ventures and Grix Venture Capital participating, according to the company.

Iris Technologies’ software is built for construction managers to simplify communications between project stakeholders. The company says it can save managers time by allowing them to focus on tasks without other things falling by the wayside. The software connects directly to Microsoft Outlook, offering an easy integration, according to the company.

Iris didn’t specify what it planned to do with the funds.

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