While the building and construction industry drives 13% of the global GDP, it largely lags behind in digital technology, according to Novade, a company that is helping to accelerate digital adoption in the field.
The Singapore-based startup just announced that it has secured an undisclosed amount of series B funding in a round led by SIG and Vulcan Capital, the investment unit of late Microsoft co-founder Paul Allen.
Existing investor Wavemaker Partners also participated in the round. The VC firm, along with Seeds Capital, led Novade’s series A raise in December 2018.
Photo credit: Novade
Founded in 2014, Novade offers smart field management software for the building and construction industry.
It uses mobile devices to automate site processes such as quality control, safety inspections, task coordination, production reports, workforce management, and equipment maintenance. It also captures data in the field so clients can streamline their operations as well as improve quality, safety, and productivity.
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Currently operating in over 20 countries across Europe and Asia, the company plans to use the fresh capital to accelerate its global expansion and market penetration in Europe, China, and Japan. It also wants to step up engagement with global firms in the industry.
In addition, Novade looks to increase investments in technology and AI. Using the records collected across sites, clients can optimize operations or identify potential issues ahead of time with machine-learning algorithms, the company said.
“The additional funds will support our mission to elevate onsite performance through technology,” said Denis Branthonne, founder and CEO of Novade. “In the current global context, improving quality, productivity, and safety is more important than ever.”
The company said it has also launched new functionalities to help implement health-monitoring procedures in construction sites amid the Covid-19 pandemic.
Editing by Charmaine de Lazo
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