Contech startups that track vendors, decarbonize cement, manage contracts and run schedules were able to raise cash, even as commercial construction shows signs of softening, and elevated interest rates continue to stymie projects.
Here are five firms that announced funding rounds over the past month.
Fortera
$85 million
San Jose, California-based cement decarbonization business Fortera raised $85 million in a Series C funding round, the company announced on Aug. 20.
Fortera’s ReCarb process bolts onto existing cement manufacturing plants and captures the industrial carbon dioxide emissions from traditional cement production, according to the release. It then converts the gas to mineral form to achieve a ready-to-use low-carbon cement.
The technology operates at a significantly reduced kiln temperature and is compatible with renewable energy integration, which it claims would further reduce emissions and enable zero carbon dioxide cement production.
With the funding, Fortera will scale the deployment of its low-carbon cement technology, and build additional plants that make the low-carbon cement.
Trunk Tools
$20 million
New York City-based artificial intelligence platform Trunk Tools pulled $20 million in a Series A funding round led by Redpoint Ventures with participation from Innovation Endeavors, who led the firm’s seed round, according to an Aug. 20 news release.
Trunk Tools makes an AI-based tool that contractors can use to track project documents and contracts. Builders can use the service to get immediate answers without leaving the jobsite via a chat-like interface on their smart phones called TrunkText. Contractors including Providence, Rhode Island-based Gilbane have used the service to manage large projects. Indeed, Gilbane tracked nearly 21,000 documents while renovating the Baird Center in Milwaukee.
Aside from its funding news, Trunk Tools also announced a new feature it calls Schedule Agent. The tool uses AI to link activities and events on a project’s calendar with underlying, supporting documentation, per the release.
Planera
$13.5 million
Pleasanton, California-based construction scheduling software Planera raised $13.5 million in a Series A funding round led by Sierra Ventures, according to the company on Aug. 27.
Planera acts as a digital whiteboard that allows users to manipulate a master schedule in real time. Collaborators can see each others’ notes, files and comments, alongside a change-tracking system. Heavy construction firm California Engineering Contractors, also based in Pleasanton, has used the solution as a replacement for legacy Gannt systems.
With the funding, Planera will expand its product development and bolster its sales and marketing efforts, Nitin Bhandari, Planera’s co-founder and CEO, said in the release.
Cocoon
$5.4 million
London-based material decarbonization firm Cocoon raised $5.4 million in pre-seed funding, according to an Aug. 8 news release from the company. Wireframe Ventures, Celsius Industries, Gigascale Capital and SOSV participated as investors.
Cocoon’s technology addresses an inadvertent drawback of decarbonizing steel production.
Slag, a by-product of traditional steel manufacturing, has long been used to reduce the amount of cement that goes into concrete. Demand for slag has grown as it functions as a green alternative to cement.
But, as the steel industry shifts from using fossil fuel-burning blast furnaces to electric arc furnaces, it has presented a different problem. The new e-slag from electric furnaces cannot be used as a cement substitute, leading to critical shortages of a material concrete manufacturers rely on to reduce their carbon footprint.
Cocoon says its technology takes e-slag and turns it into a near-identical replacement for blast furnace slag, according to the release.
Its modular technology — the size of a shipping container unit — is highly scalable and integrates into the end of existing steel-making processes without operational disruption, high capital expenditure, or safety compromises, the company claims.
With the investment, it will scale its engineering and science teams, accelerate commercialization efforts, and build an industrial lab and demonstrator plant in the U.K.
Trestle
$2.3 milllion
New York City-based supplier and subcontractor management platform Trestle secured $2.3 million in pre-seed funding led by Lerer Hippeau, the business announced in a Sept. 4 news release.
Trestle’s centralized platform collects and connects key subcontractor and supplier information from internal and external systems, all in one location, per the release. With the tech, builders can choose partners, improve project transparency, share real-time feedback about third-party performance on projects and mitigate risk before it impacts the bottom line.
With the funding, the company will grow its team of software engineers, said Victor Zhang, CEO and co-founder of Trestle, in the release.
