Construction Acceleration Platform TraceAir Raises $3.5M Series A led by XTX Ventures

REDWOOD CITY, Calif., Jan. 20, 2021 /PRNewswire/ -- TraceAir, a construction site development acceleration platform, today announced that it has completed a $3.5M Series A funding round led by London-based XTX Ventures, joined by an international pool of investors. With the prior seed investment, Round A brings the total capital raised by TraceAir to $7M. The new investors joining the round are Liquid 2 Ventures, GEM Capital, GPS Ventures, and Andrew Filev (CEO Wrike). Existing investors, including Metropolis.VC, as well as the US construction industry leaders Independent Construction and ENGEO, also supported the round.

TraceAir is growing rapidly in the land development and homebuilder market segment and is currently working with seven of the top twenty-five homebuilders in the US. The new capital will be used to grow marketing & sales and to accelerate the development of new product features, enabling construction industry specialists to stay efficient while working remotely or keeping social distance. One of the products currently in development and scheduled for release in Q1 2021 is aimed to save 10% of grading costs by providing the optimal grading plan over traditional methods.

"We are happy to announce our Series A round in these turbulent times, thanks to support from our new and existing investors. The COVID-19 pandemic created new challenges for the U.S and worldwide construction industries, resulting in delayed projects and growing unemployment rates. Our platform allows users to manage projects more efficiently and collaborate remotely, minimizing the need for a physical presence on-site," says Dmitry Korolev, CEO at TraceAir.

TraceAir's collaborative platform allows users to rapidly identify and solve problems, reducing delays, and accelerating decision making. Tools like Haul Road automatically find the most efficient route to move dirt and materials, saving in equipment and fuel expenses.

"XTX Ventures is proud to have led this growth round for TraceAir. This capital will allow the company to continue to expand their leadership in the space while enabling their customers to safely and cost-effectively execute their development projects," says Ekaterina Holt, Head of XTX Ventures.

"We have been in the industry for over 100 years, and now are seeing it fundamentally change due to the coronavirus pandemic. New working practices and safety requirements raise the importance of automation tools, enabling us to complete many tasks remotely and to accelerate site completion. We are confident in TraceAir both as the solution we use and as our long-term strategic investment, as their platform is helping the industry's most burning needs," said Brian McCosker, President of Independent Construction.

Contact:
Ksenia Chabanenko 
6507729027
[email protected]

SOURCE TraceAir Technologies

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