Cloud-based construction procurement platform BuildVision has raised $10m via a Series A financing round, led by private equity company Norwest Venture Partners.
Crosslink Capital, an existing investor, also contributed to the round, which takes the total capital for BuildVision to $13.8m.
Go deeper with GlobalData
Using the fresh infusion, BuildVision aims to speed up the development of its platform and increase AI-driven automation.
It will also use the capital to expand its reach among the top 100 Engineering News-Record contractors, as well as grow its network of building suppliers and original equipment manufacturer alliances.
Norwest Venture Partners partner Sean Jacobsohn, who will join BuildVision’s board, said: “Construction is one of the largest industries still plagued by inefficient, manual procurement. BuildVision is tackling this head-on with a digital-first platform that brings structure, transparency and automation to a historically fragmented process.
“BuildVision offers a unique value proposition that helps contractors simplify the procurement process, offering more visibility, which drives down costs, reduces risk and speeds up construction timelines. We look forward to working with the team as they position BuildVision to become the dominant player in the multibillion enterprise construction software market.”
By leveraging data, BuildVision seeks to empower contractors with enhanced control over costs, improved transparency, and a quicker route to market.
Its platform is claimed to enable up to a 20% reduction in costs and faster procurement times by enabling direct sourcing, eliminating the need for markups.
It also strengthens supplier collaboration, maximises margins through aggregated demand, and provides real-time visibility into the procurement process.
BuildVision CEO Mike Powers said: “Construction procurement is broken. By revolutionising how every component is sourced, purchased and financed, BuildVision is not just building software – we’re creating a network that fundamentally changes how $300bn in building systems are procured annually.
“Our latest round of funding enables us to accelerate adoption and help more contractors make smarter, faster procurement decisions – reducing costs, improving project profitability and reducing risk across the supply chain.”
BuildVision’s platform centralises the procurement of key building systems such as chillers and switchgear. It brings together all relevant parties to source, purchase, and monitor equipment in real-time on a unified platform.
The company’s expansion strategy focuses on becoming a full-service procurement hub that includes financing, logistics, and supplier performance tracking.
