Lumber, an AI-powered construction workforce management platform, has raised $15.5m in a Series A funding round.
The investment was led by venture capital company Foundation Capital, with contributions from Tishman Speyer as a diversified developer, operator, and investment manager of real estate, as well as other venture capital companies such as Carbide Ventures, 8VC, Sure Ventures, and FirsthandVC.
Following a year marked by product development and team growth, Lumber’s platform has launched eight new products in collaboration with speciality contractors and construction partners.
Lumber’s platform is designed to streamline construction companies’ operations by automating back-office tasks, thus enabling time for other activities.
Lumber’s use of advanced AI technology facilitates scheduling, compliance monitoring, and adaptive payroll processing, navigating complex union regulations.
This technological shift is expected to considerably reduce administrative overheads for contractors, redirecting working hours from paperwork to core construction tasks, thereby increasing productivity and project profitability.
Lumber founder and CEO Shreesha Ramdas said: “Lumber is the essential solution that understaffed back offices desperately need.
“Our intelligent platform empowers companies of all sizes to efficiently manage their workforce, ensure compliance, and significantly reduce administrative burdens.”
The newly acquired funds are earmarked for further product development and market expansion, with an emphasis on advancing the company’s AI capabilities and growing customer success operations.
Lumber is building autonomous AI agents that interact with digital site representations in real-time, aiming to optimise operations, enhance safety and compliance, and cut costs and inefficiencies.
Foundation Capital partner Zach Noorani said: “We are on the verge of a labour crisis in the construction industry and really all skilled labour sectors in America.
“Lumber removes the complexities of payroll, compliance, and HR [human resources] operations for construction firms. But critically the Lumber platform is also built for the construction worker, helping them build safe and thriving careers in the trades. The more Lumber grows, the more they help fortify one of our most important industries.”
