BuildPass, a Melbourne-based firm developing an AI-powered operating system for construction sites, has raised $7.5m in seed funding
The funding round, which was led by Carthona Capital, will help BuildPass to develop its construction AI offering in the US market and continue to grow its presence in Australia.
Carthona was joined by Horizon VC, Saniel Ventures, Recursive Ventures, Preston-Werner and Massive Tech Ventures in the seed round.
Construction AI helps firm do more with less
Launched in 2021, BuildPass is already supporting more than 400 construction firms in Australia.
The company believes AI can help construction businesses to do more with less, helping teams to work more efficiently and with greater accuracy.
“It is a difficult time for construction businesses in Australia, so we are focused on supporting companies by providing customisable digital tools that improve productivity and ultimately carve out more time for growth-driving activities,” said Matt Perrott, BuildPass CEO and co-founder.
Aaron Vanston, BuildPass CTO and co-founder, added: “Construction globally is grappling with a productivity crisis, however all-in-one software that harnesses the power of AI is certainly playing a role in remedying the situation.”
“We are placing great emphasis on empowering current and future workers to have confidence in digital innovations like ours, which can be rolled-out quickly across a workforce without the need for extensive training.”
Under-pressure construction SMEs turning to tech
Jonathan Chow, principal at Carthona Capital, said: “With increasing labor shortages and tighter margins in the construction industry, we believe that companies are more receptive to new technologies that can enhance productivity.
“Having known the founders for a long time, we’ve been extremely impressed with their ability to build a world-class product team that is rapidly shipping AI-native solutions for their SMB and mid-market customers.”
Leigh Jasper, CEO of Saniel Ventures, added: “Smaller construction businesses have long been underserved, and Saniel has recognised this as a prime opportunity for disruption.
“The BuildPass team has shown impressive traction and product momentum, and we’re excited to support them in driving greater efficiency across the construction industry.”
