Israeli mobile collaboration and task management platform for construction jobsites Buildup announced today that it has raised $7 million in Series A financing from TLV Partners, UpWest Labs, 01 Ventures, Abstract Ventures, as well as Check founders Guy Goldstein and Ahikam Kaufman, who joined the round after leading Buildup’s seed financing. In the seed financing stage the company raised $1.6 million led by Goldstein and Kaufman.
The round will be used to expand the company’s engineering, sales, and marketing teams, while continuing to build out its product offering for construction projects. As part of the financing, Eitan Bek, Managing Partner at TLV Partners, will join the Buildup board of directors.
The company has developed an app to manage complex construction projects and reports that it can speed up construction by 25% and reduce by 80% the amount of defects related to building quality. These figures are based on reports from customers in 100 projects in the US using the app.
While current construction solutions serve upper management well, jobsite workers and sub-contractors are often left with scattered lists and printed documents that are difficult to track and do not reflect real-time needs. Buildup’s solution, available on mobile devices and the web, complements leading project and document management systems by focusing on real-time task management and extending collaboration beyond the front office, into the field. The Buildup platform offers dynamic punchlists, easy task creation, automated task sequencing, quality control mechanisms, project insights, subcontractor performance analysis, and more. Stakeholders can use Buildup to add, update, and assign tasks in seconds, using speech-to-text and photos while on the go.
Founded by CEO Oren Cohen and CTO Yael Sherman in 2015, Buildup has seen tremendous growth over the past year, having worked with ENR-ranked top 50 companies such as Turner Construction, Whiting Turner, AvalonBay, Greystar, and many others. The company has offices in Israel and the US with 4 of its 16 employees in Tel Aviv. Buildup plans doubling its workforce in the coming year and moving deeper into the US market.
Buildup’s collaboration platform can be used for ground-up construction or renovation projects, ranging from medium to very large developments across various asset types, such as multi-family housing, commercial developments, hotels, and more.
Cohen said "We are thrilled to be working with TLV Partners and our other investors to continue expanding the Buildup product and getting it into the hands of more developers, contractors, and subcontractors. Our customers have used Buildup to make jobsites more efficient and collaborative, while also gaining newfound insight into critical and timely data during the execution stage of construction projects, during which most of their budget is spent."
Bek said, "The construction industry lags behind other markets in the overall productivity of its workers. Buildup addresses the longest phase of a construction project: building. The management team has executed extremely well, with limited resources, and has managed to achieve significant customer adoption in a challenging market. We are excited to join them on this journey as they improve productivity for construction companies in the US and beyond."
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2017
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