TraceAir, a construction site development acceleration platform, today announced that it has completed a $3.5M seed 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, customer success & operations, 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.
TraceAir allows land developers, homebuilders, and contractors to track site work remotely and accelerate progress using a cloud-based platform. Easy-to-use tools, combined with high-resolution images captured by drones, enable project owners and contractors to effectively manage projects and communicate with their teams from anywhere in the world.
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 industry leaders to manage projects more efficiently and collaborate with their teams remotely, minimizing the need for physical presence on site.”
— Dmitry Korolev, Co-founder and CEO of TraceAir
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.”
— 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.”
— Brian McCosker, President, Independent Construction
About TraceAir
TraceAir is a turnkey solution for construction site development powered by drone data and machine learning to help clients complete projects on time and within budget. Launched in 2015, the company empowers the largest home builders and grading contractors in the U.S., including Lennar, D.R.Horton, Brookfield, Fivepoint, Independent Construction Co. among others, with efficient construction automation software. For more information, visit traceair.net.