Strong funding rounds from contech kick off the year

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With spring comes green – green trees, green shoots and greenbacks – as contech companies receive millions in funding to help generate new products and record income. High-profile companies like Elon Musk’s The Boring Co. and smaller companies have raised venture capital funds in recent months.

Read on to learn about eight companies with successful investor rounds, ranked from highest to lowest.

Boring society.

The Boring Co. arranged a massive $675 million Series C funding round, led by Vy Capital and Sequoia Capital, the company announced on April 20. The Pflugerville, Texas-based company wants to “solve” traffic through point-to-point rapid transit and digging tunnels to relieve surface traffic congestion.

The Boring Co. said it would use the funds to dramatically increase hiring in engineering, operations and production to build and scale projects like the Vegas Loop and others. It will also accelerate research and development of future products, according to the release.

Veev

San Mateo, Calif.-based modular home builder Veev announced a $400 million Series D funding round led by Bond, with participation from LenX, Zeev Ventures, Fifth Wall Climate Tech and JLL Spark Global Ventures , the company announced in March.

Veev uses pre-engineered panels to assemble the homes on site in a process that emphasizes speed, durability and quality. The company says it builds homes four times faster than traditional construction methods, according to the release.

The new capital will allow the company to expand operations, accelerate R&D initiatives and build additional digital manufacturing production facilities across the country, according to the release.

Reno Run

Montreal, Quebec-based e-commerce platform RenoRun has closed a $142 million Series B funding round co-led by Tiger Global and Sozo Ventures, the company announced in February.

RenoRun provides a marketplace for contractors to find and purchase building materials, including lumber, drywall, hardware, paint and more. The company also allows contractors to customize their orders for multiple job sites.

The company didn’t say what it would use the money for, but Eamonn O’Rourke, co-founder and CEO of RenoRun, said in the statement that the additional funding would allow it to “step up to the top.” of mind for every entrepreneur in North America.

Integrated robotics

San Francisco-based Built Robotics has closed a $64m Series C funding round led by Tiger Global, the company announced April 7. Existing investors NEA, Founders Fund, Fifth Wall and Building Ventures also joined.

The company’s main market offering is an upgrade kit, called Exosystem, which can turn an excavator into a robot. Contractors can rent the Exosystem for an hourly rate and upgrade their excavators on their own, or they can rent pre-upgraded units from the company.

Noah Ready-Campbell, founder and CEO of Built Robotics, said in the statement that the capital would be used to increase production to meet demand. Ready-Campbell said the company is also exploring new technologies to handle tasks such as backfilling, material handling, and more.

diamond age

Phoenix-based robotics startup Diamond Age has raised a $50 million Series A funding round led by Prime Movers Lab, the company announced in March. Startup investors Alpaca VC, Dolby Family Ventures, Timber Grove Ventures and Gaingels also participated, along with Signia Venture Partners.

Diamond Age uses automation and 3D printing to create on-demand housing and said it aims to make housing more affordable. Currently, Diamond Age is working on 26 robotic tools at arm’s length to offset more than half of the manual labor needed to build a new home. The company is also working on additive manufacturing tools that move along a gantry system to layer concrete to “imprint” a house, according to the release.

The company will use the funding to continue to evolve its robotics platform and tackle its first commercial contract, according to the release. The company has already doubled in size and plans to hire more engineering and manufacturing professionals.

BeamUp

Tel Aviv-based AI company BeamUp was launched with a $15 million seed investment led by Israel-based StageOne Ventures and US-based Ibex Investors, the company announced March 30. The investment round was also joined by angel investors such as Workday CEO Chano Fernandez.

BeamUp’s product, BeamUp, is an AI platform that designs and manages enterprise building systems, according to the release. The systems BeamUp works with include security, IT, IoT, electrical and HVAC. The company says customers can reduce the time spent on initial design, budget, refurbishment and system changeover, and also reduce compliance errors.

The seed funding will be used to scale the company’s sales, marketing and operations departments as it expands globally, according to the release.

Robust robotics

Houston-based construction robotics company Rugged Robotics closed a $9.4 million Series A funding round led by Bold Capital Partners and construction technology venture capital firm Brick & Mortar Ventures, the company announced on March 1. Start-up investors Riot Ventures, Morpheus and Embark also participated, along with Consigli Construction Company and Suffolk Technologies.

The company’s goal is to use robotics to “modernize” the construction industry, according to the release. Among the offerings is the Mark 1 robot, which the company calls the “layout roomba” because it roams around a job site and marks layouts. In order to differentiate itself from the competition, the company’s robot uses fixed targets to achieve the same accuracy as third-party surveying equipment.

With the new funding round, the company will streamline its product rollout and hire new staff, according to the release.

Mast

Sydney-based construction technology company Mastt has raised A$9.5 million ($6.8 million) less than a year after its funding round, the company announced March 15. The round was led by venture capital firm OIF Ventures, with participation from executives from Assignar, another construction technology company focused on planning and operations, as well as Mastt CTO David Jablonski .

Mastt’s platform, according to the company, allows owners to see real-time project analytics. The technology will allow owners to avoid wasted time and other significant problems on their projects, according to the release.

Since Mastt’s last investment round, the company has expanded in the United States and the Middle East and plans to use the new funding to double its workforce and continue its overseas expansion, according to the statement.

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