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.
Source: pymnts.com
