Rhumbix Closes $6 Million Series A from Greylock Partners

SAN FRANCISCO, Nov. 10, 2015 /PRNewswire/ -- Rhumbix, a mobile platform designed for smarter construction sites, has secured Series A funding of $6 million in financing led by Greylock Partners, with participation from Brick & Mortar Ventures, UJ Ventures and Ray Levitt, Professor at Stanford University. Rhumbix will use the funding to open up its private beta to interested customers and continue to grow its world-class team. As part of the funding round, Jerry Chen of Greylock Partners will join Rhumbix's Board of Directors.

"Construction is a ten trillion dollar market that is ready for new technologies and innovation," said Jerry Chen, Greylock Partners. "We invested in Rhumbix because of the exceptional caliber of its leadership team and its game-changing technology in a market in need of innovation. Zach and Drew are building a platform that will increase worker productivity and create a smarter, safer worker environment."

Most construction technology solutions today cater to a small fraction of the job site: supervisors or management. There are no technology solutions for the blue-collar workforce that makes up two-thirds of project headcount and, on average, account for 30-60% of total project costs. Instead, the majority of job sites still rely on outdated legacy systems like pen and paper to report on multi-million and billion dollar projects. This lack of technology access leads to inaccurate reporting, making labor the most-variable component of project costs and too often resulting in major profit inefficiencies.

Rhumbix passively collects data generated from smartphones carried by construction workers, capturing more accurate data from the field in real-time to help to make labor more efficient and arming project developers and management with data-driven insights to dramatically improve site safety and save money.

Rhumbix CEO and Co-Founder Zach Scheel explained, "It's our belief that the most valuable data on job sites comes from workers themselves. At Rhumbix, we're building mobile applications for the blue-collar craft workforce that eliminate cumbersome manual reporting methods and provide unprecedented visibility into real-time data from construction operations. With our platform, frontline workers will finally have direct input and influence on improving project outcomes."

Starting today, Rhumbix will open its private beta to interested customers via its website at www.rhumbix.com. Customers can access Rhumbix's core products available on iPhone and Android devices, including:

• Mobile Timekeeping: A mobile application that uses GPS and customer defined geo-fences to create more accurate records of job-hours worked on projects.
• Real-Time Cost Code Accounting: By applying machine learning to human input and passive data collected via its app, Rhumbix helps project sites become even smarter by making predictions based on historical findings such as hours spent on a certain task or project.

About Rhumbix
Rhumbix is a mobile platform designed for smarter construction sites. Founded in 2014 by Navy veterans with deep experience in the construction industry, Rhumbix's technology is the first to close the gap between the blue-collar workforce and management in the home office by providing real time data and insights for all project stakeholders. Rhumbix is headquartered in San Francisco, CA and backed by investors including Greylock Partners, Darren Bechtel of Brick & Mortar Ventures, Eric Chen of UJ Ventures and Ray Levitt, Professor at Stanford University. Read more about Rhumbix here: www.rhumbix.com.

About Greylock Partners
Greylock Partners backs entrepreneurs who are building disruptive, market-transforming consumer and enterprise software companies. We invest in companies that define new markets, including Airbnb, AppDynamics, Cloudera, Docker, Dropbox, Facebook, LinkedIn, Medium, Nextdoor, Palo Alto Networks and Workday.

Photo - http://photos.prnewswire.com/prnh/20151110/285619

SOURCE Rhumbix

Related Links

http://www.rhumbix.com