TrueBuilt Raises $4 Million in Seed Funding to Enhance AI-Based Pre-Construction Software

TrueBuilt, a construction tech startup, has announced the successful closure of a $4 million seed round. The funding was led by Bienville Capital, an investment firm based in Manhattan, along with participation from Fifth Wall, a proptech venture capital fund, and Marek, a Houston-based construction firm and TrueBuilt customer. The funds will be used to advance the capabilities of TB Assistant, TrueBuilt’s AI-based tool for pre-construction estimates, and expand its customer base.

Pre-construction is the process of identifying and quantifying the materials, equipment, and labor needed for a construction project. TrueBuilt’s software platform automates pre-construction workflows, enhances collaboration, mitigates risk, and maximizes project profitability. Previously, construction companies had to use multiple software platforms for their pre-construction workflows, but TrueBuilt provides a comprehensive solution all in one place.

TrueBuilt also utilizes computer vision technology to read and analyze blueprints, saving time and improving accuracy for estimators. The company refers to its software as “augmented intelligence,” as it enhances the workflow of estimators by automating certain tasks without fully replacing them.

Founder and CEO Jon Sibley identified pre-construction as an area lacking innovation and software solutions. Through his study of industries affected by pandemic-related supply chain issues, he recognized the need for a modernized approach to pre-construction. Fifth Wall, a follow-on investor in the seed round, saw the immediate ROI and profitability drivers that TrueBuilt’s software offers to customers.

In addition to its software capabilities, TrueBuilt benefits from a network effect among its users. General contractors using the software can invite subcontractors to bid on projects through TrueBuilt’s platform, resulting in organic user acquisition. The company has already seen localized networks develop in Dallas, Phoenix, and Southern California.

The seed funding will enable TrueBuilt to further enhance its AI-based pre-construction software and continue expanding its reach in the commercial construction industry.

Source: Commercial Observer