3 contech firms snare summer cash rounds

Despite the bumps and bruises the construction technology industry has accumulated over the past year due to tech industry turmoil, investor funds continue to flow into the space. Here are three contech firms that had successful investor rounds this summer:

CarbonCure: $80 million

Nova Scotia, Canada-based green concrete tech firm CarbonCure Technologies raised more than $80 million in an equity funding round, the company announcead on July 11. The investment was led by green venture capital firm Blue Earth Capital.

CarbonCure’s technology is used to remove emissions from the concrete industry — during the mixing process, a precise amount of carbon dioxide is injected into the concrete, which then mineralizes. 

The technology was used during the construction of the first phase of Amazon’s second headquarters in Arlington, Virginia. The company claims its technology has saved about 290,000 metric tons of carbon dioxide, according to the release, or the equivalent of taking 64,000 gasoline-powered cars off the road for a year. 

CarbonCure intends to use the capital investment to accelerate its product roadmap and geographical expansion, per the release.

Transcend: $20 million

Princeton, New Jersey-based Transcend Software closed on its $20 million Series B financing round, the company announced on Aug. 3. Contech giant Autodesk participated in the funding round, along with existing investors, per the company.

Transcend’s flagship product is a generative design program that fully automates the conceptual and preliminary design of critical infrastructure assets, enabling owners to reduce design costs and timelines. It prioritizes the incorporation of innovative and sustainable technologies, according to the release.

The firm’s clients include Arcadis, Black & Veatch, Brookfield Asset Management, Anglian Water, Xylem and Veolia. Transcend will use the investment to accelerate its go-to-market strategy and product roadmap, and to expand its customer base, according to the release.

Skillit: $8.5 million

New York City-based recruitment platform Skillit raised $8.5 million in additional funding, the company announced July 20. The funding was co-led by Rafi Syed of investment firm Bow Capital and Zach Aarons and Zak Schwarzman of proptech venture capital firm MetaProp.

Skillet is a job board for general and self-perform contractors. Skilled tradesworkers and laborers add their profiles to the site, which companies can search to find labor. The site features a database of workers, customized matches and skills assessments.

“The U.S. is undergoing the greatest reindustrialization process in its history building out infrastructure, factories, pipelines, roads and bridges faster than we did during World War II,” wrote founder and CEO Fraser Patterson in a blog post about the funding. “However, the industry faces a chronic and growing skilled labor shortage and is struggling to source, hire and retain great talent.”  

With the funds, the company said it plans to expand its product, engineering, sales and marketing teams, and provide support for new customers.

Comments are closed.