Construction Tech Companies Receive Funding

  • Editorial Team
  • News
  • 5 October 2023

In recent months, two existing businesses have strengthened their financial position, and three startups completed seed financing.

Below are a few building technology companies that have concluded funding rounds with the end of this season. 

Flex Secures $120 Million

Financial services company Flex recently completed a major Series A equity and debt investment round, raising a total of $120 million. Tampa based Florida Funders led the equity capital raise with $20 million, while San Francisco’s CIM provided debt financing of up to $100 million. Flex, formerly known as Flexbase, specializes in treasury, credit card, and banking services for businesses.

Mighty Buildings Raises $52 Million

Mighty Buildings, a California based manufacturer of prefabricated homes, announced a successful funding round that brought in $52 million. This funding was led by Saudi Arabian venture capital firm Wa’ed Ventures and American investment company Bold Capital Partners. Mighty Buildings utilizes advanced 3D printing technology to produce modular homes with sustainability in mind. The company plans to expand its manufacturing facilities in Saudi Arabia and the United Arab Emirates while continuing to develop homes for the American market.

Agave Secures $2.9 Million in Seed Funding

Agave, a construction software interoperability company based in Palo Alto, California, secured $2.9 million in seed funding. Both Accel, an investment firm in Palo Alto, and startup accelerator Y Combinator in Mountain View, California, contributed to this round. Agave serves as a bridge between various construction technologies, helping software developers integrate their tools and offering analytics for contractors. The funding will support hiring new engineers and expanding integrations.

Pirros Raises $2 Million

Los Angeles-based Pirros, a design and engineering technology platform, successfully raised $2 million in an initial fundraising round. Venture capital firms FundersClub, Twenty Two Ventures, Pioneer Fund, and Y Combinator, all based in San Francisco, played a leading role in this round. Pirros’ software classifies and categorizes drawings used by AEC professionals, making them easily searchable and reusable. The company wants to streamline workflows for engineers and architects.

IVO Systems Raises $1.5 Million

IVO Systems, a construction management software developer located in Madison, Wisconsin, secured $1.5 million in a preliminary fundraising round. The lead investor in this round was TitleTown Tech, a joint venture between Microsoft and the NFL’s Green Bay Packers, based in Green Bay, Wisconsin. IVO Systems offers software solutions for work order management, field asset access, and executive reporting in the construction industry. This funding will support marketing and sales efforts to reach more construction companies.