5 contech firms announce funding in 2024’s first half


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The saying goes April showers bring May flowers, and so far this spring, contech firms announced they’ve been showered with cash.

Firms that specialize in green materials, recycling and artificial intelligence-based inspections reeled in cash, as the industry continues to pull in fewer funds on more deals

Here are five contech firms that announced funding rounds this spring:

Fyld

$15.1 million

London-based artificial intelligence developer Fyld pulled in a 12 million pound ($15.1 million) funding round that ended in late 2023, led by the Ontario Teachers’ Pension Plan, the firm announced on April 17. To date, the company has raised 26 million pounds.

Fyld’s AI-based technology uses real-time data capture to identify safety hazards in collected video, photographic and text-based information, which then spits out a risk assessment for builders, according to its website. It also allows builders to share jobsite conditions with managers, who can then review the sites remotely and flag potential hazards.

Fyld will use the funds to scale its commercial team, accelerate product development, enhance its AI-driven predictive analytics platform and expand in new and existing markets, per the release.

Ediphi

$12 million

Ediphi, the creators of a cloud-based estimating solution of the same name, raised $12 million in a Series A funding round, according to a March 21 news release. This funding comes on the heels of its prior $6.5 million seed round that Ediphi closed in November 2023, led by Boston-based Suffolk Technologies.

Ediphi is a cloud-based estimating platform that provides detailed takeoffs with centralized procurement in a single location. Contractors can begin preconstruction by pricing a “napkin sketch,” per the release. From then on, builders can connect their preconstruction workflows in one spot and centralize data in the cloud.

The financing will be used to expand its team, invest in product innovation through research and development and grow its market share within the industry.

Roofer

$7.5 million

Drone-based roofing company Roofer.com acquired $7.5 million in a seed round led by Mucker Capital, according to a Jan. 30 release. 

Owners book an appointment with the startup, which sends a drone out prior to the appointment to scan the roof, per the website. The drone uses AI to conduct the scan, which produces an inspection report for the property. All inspections remain on the platform via RoofFax, which the company bills as similar to vehicle condition-monitoring software CarFax.

Roofer.com focuses on re-roofing homes for consumers, but also has a growing enterprise segment that services multifamily apartments and commercial buildings, per the release. With the funding, the company will launch into the Austin, Texas, market, its second location and the first outside of its headquarters in Dallas.

Mycocycle

$3.6 million

Mycocycle, a biotechnology-based material recycling firm based in Chicago, revealed an oversubscribed $3.6 million seed extension, led by Closed Loop Partners’ Ventures Group, according to a May 8 news release. The funding brings Mycocycle to $7.3 million raised to date, and follows the company’s announcement of a $2.2 million seed round one year ago.

Mycocycle helps its customers use fungi to break down and detoxify waste materials at their own demolition or construction sites, according to the release. Using the fungi, the company turns asphalt shingles, rubber, gypsum boards, insulation lining and old textiles into non-toxic, high-quality raw materials.

With the funding, the company says it will deepen relationships with existing partners for waste materials, further scale its waste-to-value chain and make key leadership hires for its marketing, technology and operations teams.

AlterBiota

$2.9 million

Canadian green materials firm alterBiota successfully closed a $4 million Canadian dollar ($2.9 million) seed financing round led by Invest Nova Scotia, the company announced on May 2. 

The company creates a green concrete admixture, or an additive introduced during concrete mixing that enhances parts of the material’s characteristics. The compound, called hydrous biographene oxide, enables producers to use less Portland cement mixtures while storing stable, biomass-derived carbon permanently in concrete infrastructure, according to alterBiota’s website.

The firm will use the funds for industrial product trials, to engineer a commercial-scale plant and to hire additional staff, per the release.



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