Document Crunch Raises $21.5M Series B to Ensure Construction Stays Compliant During Project Execution
ATLANTA--(BUSINESS WIRE)--Oct 10, 2024--
Document Crunch, the construction industry’s only document compliance platform, today announced it has raised $21.5M in Series B funding. The round was led by Titanium Ventures and includes participation from key strategic partner Nemetschek Group, along with major construction companies such as Andres Construction and Satterfield & Pontikes, plus existing investors, including Navitas Capital, Zacua Ventures, Fifth Wall and Ironspring Ventures. In addition to the raise, the company will add Yash Patel, General Partner at Titanium Ventures as a new member to its Board of Directors.
Construction is a $13T global industry, and in the U.S. alone, general contractors and subcontractors spend an estimated $11B+ annually on profit loss related to risk hidden within complicated contracts and project documents. In addition to this spend, the failure of project teams in the field to understand and comply with these documents is the leading cause of construction disputes, which creates a massive additional expense for project stakeholders, including owners, lenders, engineers and insurers, among others. The industry spends billions of dollars to prevent risk but still loses billions of dollars in profits because it never addresses the root cause, which is poor contract compliance. Document Crunch solves this problem with its AI-powered platform, purpose-built for construction, dedicated to enabling “document compliance” or ensuring everyone on a project can easily understand and comply with the terms of their contract and project documents.
“We have made major strides expanding our platform to support the day-to-day needs of project teams,” said Josh Levy, CEO and Co-founder of Document Crunch. “All of this momentum has clarified our vision and what the industry needs from us, and we intend to get much deeper into all the documents and project team workflows that cause risk for our industry.”
Launched in 2019, Document Crunch started as a contract review solution for back-office legal and risk teams to quickly and effectively identify risks during pre-construction and negotiation. The initial product saw outstanding growth and adoption among general contractors, subcontractors and other key stakeholders. However, the company’s founding vision was always to de-risk contract administration in the field as well.
To that end, Document Crunch raised a $9M Series A less than a year ago and expanded its platform to give project teams the AI-powered workflows they need to comply with their contracts. As predicted, this second product space proved to be a huge success in a short period of time and even led to a product expansion to support more document types. Teams are currently using Document Crunch across thousands of projects nationwide, and the solution has become construction’s only end-to-end document compliance platform. However, there’s much more on the horizon.
“We are thrilled to partner with the Document Crunch team on this next stage of growth,” said Yash Patel, General Partner at Titanium Ventures and the most recent addition to the Document Crunch Board. “Ongoing contract compliance is imperative in the construction industry to avoid projects finishing over schedule and over budget. Document Crunch’s approach to leveraging the latest in AI, strong domain expertise, a passionate ‘Crunch Community’ customer base, and unique distribution edge thoroughly impressed us. It’s rare to see thoughtful applications of AI in vertical software with the potential to be adopted by the masses.”
Notably, Document Crunch has also formed an unrivaled distribution edge within the construction industry. Its initial strategic partnership and integration with Procore paved the way for strategic investment from Trimble in its Series A, and now Series B investment from Nemetschek Group, a leading global provider of software solutions for the AEC/O and media industry, which includes Bluebeam.
“At Nemetschek, we are convinced of the transformative potential that AI holds in driving efficiencies and unlocking deeper insights in the construction industry,” said Matt Wheelis, SVP, Strategy, Build & Construct Division at Nemetschek. “Our investment in Document Crunch is a natural extension of our commitment to innovation. Document Crunch’s focus on contract-related AI is highly complementary to our innovation in design reviews and construction drawings with Bluebeam. We look forward to working with our joint customers to accelerate the potential for ethical AI in construction.”
In addition to strategic partnerships, some of the largest and most well-known contractors in the industry are loyal Document Crunch customers and advisors. Balfour Beatty, The Boldt Company, Haskell, and PCL Construction, to name a few, have solidified Document Crunch’s position as a trusted provider of contract risk review and document compliance solutions.
For more information about Document Crunch and its AI-powered document intelligence and compliance solutions, visit documentcrunch.com.
About Document Crunch:
Document Crunch is the document compliance platform for construction. Leveraging proprietary AI and machine learning, it simplifies construction documents, quickly identifying critical risks and providing guidance so teams can make great decisions throughout the entire project lifecycle. The company is on a mission to empower everyone in the construction industry to understand what’s in their contracts. To learn more, visit documentcrunch.com or schedule a demo, here.
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KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES SOFTWARE ARCHITECTURE ARTIFICIAL INTELLIGENCE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Document Crunch
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