Construction Technologies Gaining Momentum

As summer temps remain high, construction technology firms feel warmth in a different way, thanks to their investors pouring more money into contech. Following 20% year-over-year growth in contech investment through the first quarter of the year, firms that offer innovations such as safety platforms and change order management have been hot targets for venture capital dollars.

Read below for more on these companies that have won funding in recent weeks.

HammerTech, $70 million

Melbourne, Australia-based construction safety software company HammerTech raised a $70 million growth investment from U.S.-based tech investment firm Riverwood Capital, the firm announced on Monday. HammerTech says its platform is a one-stop solution for safety on a construction jobsite. It lets builders check on permits, manage orientations on the work site and connect everyone on the project from general contractors to subcontractors and tradespeople, per its website.The new capital will help HammerTech spur growth and accelerate research and development, according to the release.

Adaptive, $19 million

New York City-based construction financial software firm Adaptive secured a $19 million Series A funding round, the company announced on Monday.

Adaptive provides an automated financial management software that’s designed specifically for small- or medium-sized construction companies, according to the release. The platform offers end-to-end financial management, which includes budgeting, cash flow analytics, expense tracking, accounts payable, accounts receivable, vendor management and electronic payments.

The funding will fuel Adaptive’s growth and support the expansion of its engineering and product teams, while shoring up its efforts to reach more construction companies across the U.S., according to the firm.

To read about the rest of the technologies in a story from Construction Dive click here.