REDWOOD CITY, Calif.,
Jan. 20, 2021 /PRNewswire/
-- TraceAir, a construction site development acceleration
platform, today announced that it has completed a $3.5M Series A funding round led by London-based XTX Ventures, joined by an
international pool of investors. With the prior seed investment,
Round A brings the total capital raised by TraceAir to $7M. The new investors joining the round are
Liquid 2 Ventures, GEM Capital, GPS Ventures, and Andrew Filev (CEO Wrike). Existing investors,
including Metropolis.VC, as well as the US construction industry
leaders Independent Construction and ENGEO, also supported the
round.
TraceAir is growing rapidly in the land development and
homebuilder market segment and is currently working with seven of
the top twenty-five homebuilders in the US. The new capital
will be used to grow marketing & sales and to accelerate the
development of new product features, enabling construction industry
specialists to stay efficient while working remotely or keeping
social distance. One of the products currently in development and
scheduled for release in Q1 2021 is aimed to save 10% of grading
costs by providing the optimal grading plan over traditional
methods.
"We are happy to announce our Series A round in these turbulent
times, thanks to support from our new and existing investors. The
COVID-19 pandemic created new challenges for the U.S and worldwide
construction industries, resulting in delayed projects and growing
unemployment rates. Our platform allows users to manage projects
more efficiently and collaborate remotely, minimizing the need for
a physical presence on-site," says Dmitry Korolev, CEO at TraceAir.
TraceAir's collaborative platform allows users to rapidly
identify and solve problems, reducing delays, and accelerating
decision making. Tools like Haul Road automatically find the most
efficient route to move dirt and materials, saving in equipment and
fuel expenses.
"XTX Ventures is proud to have led this growth round for
TraceAir. This capital will allow the company to continue to expand
their leadership in the space while enabling their customers to
safely and cost-effectively execute their development projects,"
says Ekaterina Holt, Head of XTX
Ventures.
"We have been in the industry for over 100 years, and now are
seeing it fundamentally change due to the coronavirus pandemic. New
working practices and safety requirements raise the importance of
automation tools, enabling us to complete many tasks remotely and
to accelerate site completion. We are confident in TraceAir both as
the solution we use and as our long-term strategic investment, as
their platform is helping the industry's most burning needs,"
said Brian McCosker, President of
Independent Construction.
Contact:
Ksenia Chabanenko
6507729027
289576@email4pr.com
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SOURCE TraceAir Technologies