BuildOps Secures $127M Funding, Reaches $1B Valuation with AI-Powered Contractor Platform

BuildOps valued at $1 billion in funding round, plans to scale operations amid strong demand

March 21 (Reuters) - BuildOps said on Friday it has raised $127 million in a late-stage funding round at a valuation of $1 billion, as it looks to scale operations and meet growing demand from contractors for its AI-enabled software platform. The Series C funding round was led by Meritech Capital Partners and saw participation from new investors such as Schneider Electric's SE Ventures and BOND Capital as well as existing investors Fika Ventures and Next47, among others. Advancements in AI and easier access to such technologies have opened avenues for new sectors to improve productivity and reduce costs. BuildOps, which offers a consolidated platform for commercial contractors to manage accounts, customer relationships and other operations, has seen huge demand for its services, the company said. "The modern contractor that we work with is now going to have the insights from volumes of data that we're putting AI against to try to project cost overruns before they happen," Chief Operating Officer John Laino told Reuters. "Historically, they would have to wait three or four months into a project, and sometimes it was too late to course-correct." The company, backed by Peter Thiel's Founders Fund, has been growing at a 100% rate for several years and expects to grow at a high rate in the short-to-medium term, CEO Alok Chanani said, adding that going public is part of the vision. He, however, did not specify a timeline. "We're in a hyper-growth stage today, and so, profitability is not a core focus of the business right now. Our focus is really on growth and investing heavily in R&D and product development and continuing to expand our market reach and customer acquisition," Chanani said. The company expects to make strategic acquisitions that could be mutually beneficial. BuildOps had bought PWSWARE, the parent company of software platform Perfectware Solutions, in 2023 for an undisclosed amount. Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Technology Akash Sriram Thomson Reuters Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1.

AI-driven commercial contractor platform BuildOps raises $127M at $1B valuation - SiliconANGLE

AI-driven commercial contractor platform BuildOps raises $127M at $1B valuation BuildOps Inc., an artificial intelligence-powered platform that simplifies project management and service for commercial contractors, today announced it has raised $127 million in new funding, raising its valuation to $1 billion. The Series C round was led by Meritech Capital Partners. New investors BOND Capital and Schneider Electric's SE Ventures also participated, joined by existing investors Fika Ventures, Next47, StepStone Group and Titanium Ventures. Commercial contractors face numerous challenges in their day-to-day work as they build and maintain facilities, including hospitals, schools, offices and public infrastructure. Online market research firm IBISWorld.com estimates that commercial spending in the United States often reaches $300 billion per year, with related contract work representing a significant portion of that. According to BuildOps despite the revenue flowing through the market, contractors still suffer from severe inefficiencies, with nearly 30% of their time lost to delays, disorganized workflows and costly reworks. "I talk to contractors every day -- HVAC pros, plumbers, electricians -- and they're busting their backs keeping our world running, but the deck's stacked against them with short staffs, skyrocketing costs, and tech that's stuck in the Stone Age," said Chief Executive Alok Chanani. Founded in 2018, BuildOps has developed an AI platform that can proactively simulate project scenarios, prepare workers for future decision-making, forecast outcomes and evaluate risks. The company says no one person or team can predict what's ahead of them, and there's a lot of data available that AI can mine to provide insights about a work project to anticipate potential pitfalls. The platform can be used by contractors to handle anything from large-scale construction projects to ongoing maintenance. "It fires me up because [contractors] deserve better -- tools that don't just keep up but actually let them run circles around the chaos," Chanani added. "That's what we're building at BuildOps: a way for them to take charge, grow without breaking, and deliver like the heroes they are." The company emphasized that the demand for resilient solutions in the industry has never been higher. With an aging workforce, rising labor shortages, increasing material costs and complex regulations, contractors face mounting challenges in managing projects efficiently. BuildOps said it aims to unify the contractor experience by integrating scheduling, dispatch, project management and financial reporting into a single platform. Its real-time data reporting and predictive analytics help technicians and administrators stay ahead of potential risks, reducing downtime and overhead costs. With the new funding, the company said it intends to expand its product capabilities and has plans to launch additional features in the coming months, including AI tools designed to help contractors anticipate maintenance needs and reduce equipment downtime.

BuildOps Valued at $1 Billion in Funding Round, Plans to Scale Operations Amid Strong Demand

(Reuters) - BuildOps said on Friday it has raised $127 million in a late-stage funding round at a valuation of $1 billion, as it looks to scale operations and meet growing demand from contractors for its AI-enabled software platform. The Series C funding round was led by Meritech Capital Partners and saw participation from new investors such as Schneider Electric's SE Ventures and BOND Capital as well as existing investors Fika Ventures and Next47, among others. Advancements in AI and easier access to such technologies have opened avenues for new sectors to improve productivity and reduce costs. BuildOps, which offers a consolidated platform for commercial contractors to manage accounts, customer relationships and other operations, has seen huge demand for its services, the company said. "The modern contractor that we work with is now going to have the insights from volumes of data that we're putting AI against to try to project cost overruns before they happen," Chief Operating Officer John Laino told Reuters. "Historically, they would have to wait three or four months into a project, and sometimes it was too late to course-correct." The company, backed by Peter Thiel's Founders Fund, has been growing at a 100% rate for several years and expects to grow at a high rate in the short-to-medium term, CEO Alok Chanani said, adding that going public is part of the vision. He, however, did not specify a timeline. "We're in a hyper-growth stage today, and so, profitability is not a core focus of the business right now. Our focus is really on growth and investing heavily in R&D and product development and continuing to expand our market reach and customer acquisition," Chanani said. The company expects to make strategic acquisitions that could be mutually beneficial. BuildOps had bought PWSWARE, the parent company of software platform Perfectware Solutions, in 2023 for an undisclosed amount. (Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)

BuildOps Raises $127 Million to Expand Platform for Commercial Contractors | PYMNTS.com

BuildOps has raised $127 million in a Series C funding round to accelerate the deployment of artificial intelligence (AI) technology in its business platform for commercial contractors. The round makes the company a unicorn, with a valuation of $1 billion, and cements its position in the industry, BuildOps said in a Friday (March 21) press release. "I talk to contractors every day -- HVAC pros, plumbers, electricians -- and they're busting their backs keeping our world running, but the deck's stacked against them with staffing shortages, skyrocketing costs and tech that is stuck in the Stone Age," BuildOps CEO Alok Chanani said in the release. "It fires me up because they deserve better -- tools that don't just keep up but actually let them run circles around the chaos." The BuildOps platform includes project management, service, dispatching, invoicing and AI-powered automation, according to the release. With the new funding, the company plans to add more AI technology for predictive analytics, scheduling and real-time project tracking, the release said. The platform serves contractors across the U.S. and Canada, per the release. Paul Madera, founding partner at Meritech Capital Partners, which led the funding round, said in the release that the commercial contractor industry is a large industry that is "wide open for BuildOps." "BuildOps is the first enterprise software solution we've seen that actually gets it and fills an industry-wide need: a platform that doesn't just patch holes; it facilitates control and management of workflow from the shop floor to the job site," Madera said. Hardware chains Home Depot and Lowe's said in recent earnings calls that they are focusing on professional customers amid a slowdown in do-it-yourself activity. Home Depot has seen growth in its pro segment and is working to improve the shopping experience for professionals through digital upgrades like job site deliveries, bulk pricing and personalized accounts, executives said during a Feb. 25 earnings call. Lowe's is investing strategically in its digital and in-store offerings to enhance value and convenience for pro customers, according to the company's Feb. 26 earnings call. The company's priorities include elevating customer experiences, leveraging loyalty programs and delivering simplified omnichannel services.