Planning using pencil on paper is outdated. The difficulty of getting hand-written information from person to person is slow and frustrating for people who need information right away. The good news is this is changing with mobile and cloud-based technology, and investors are beginning to recognize this trend in construction and are investing in the space.
Consider the recent example of Procore Technologies Inc., www.procore.com, Carpinteria, Calif., a provider of cloud-based construction management software. This technology provider recently raised $15 million dollars to accelerate its growth.
Through a series D funding, BVP (Besemer Venture Partners), www.bvp.com, Larchmont, N.Y., which has invested in LinkedIn, Skype, and many others, agreed to work with Procore. BVP partner Brian Feinstein will sit on Procore’s Board of Directors.
CEO and Cofounder of Procore, Tooey Courtemanche, started in software development and used his experience in construction to create the cloud solution BVP is investing into. Procore allows construction professionals to communicate via any Internet connected device. With the technology, construction companies have access to all project documents, contracts, RFIs (request for information), submittals, schedules, and drawings.
In addition to the investment announcement, the company has recently announced its decision to integrate Procore’s construction-management software into Google Glass. The funding from BVP presents the option for even more innovative uses of the software, and the knowledge BVP has of how to rapidly scale cloud-based software companies will also prove useful.
This is just one recent example too. A number of construction-software providers have recently announced receiving funding from investors. For example, Viewpoint Construction Software, www.viewpointcs.com, Portland, Ore., NoteVault, www.notevault.com, San Diego, Calif., On Center software, www.oncenter.com, The Woodlands, Texas, and FieldLens, www.fieldlens.com, New York, N.Y., are just a few of the technology companies that have received funding in the construction space.
This is bound to be just the beginning of investors partnering with technology companies in construction. For construction companies, this type of funding will ultimately mean improved software and mobile apps, ultimately leading to greater project efficiency and productivity.