Trunk Tools Raises $20M Series A Led By Redpoint Ventures to Expand Suite of AI Agents for Construction

NEW YORK, Aug. 20, 2024 /PRNewswire/ -- Trunk Tools, a groundbreaking AI platform disrupting the $13 trillion construction industry, announces a $20 million Series A. The new capital was led by Redpoint Ventures with participation from Innovation Endeavors, who led the Seed round, bringing the total capital raised to-date to $30M.

Trunk Tools leverages the latest in AI technology to build the "brain" behind construction. By structuring millions of pieces of unstructured project data and deploying AI agents that augment construction professionals in their administrative workflows, Trunk Tools ensures critical information is available to the right people at the right time, automating the tedious and repetitive tasks that have historically weighed on industry productivity and profitability. With Trunk Tools, construction professionals not only save time but avoid construction delays and rework that can cost tens of millions - or more - per project.

"We are thrilled to have the support of Redpoint Ventures and our other valued investment partners, as we push the boundaries of innovation in the construction industry," said Dr. Sarah Buchner, Founder and CEO of Trunk Tools. "Redpoint's expertise in investing and scaling AI companies is a perfect match and this funding will enable us to accelerate our growth, develop new products, and cement our place as industry leaders in generative AI for construction. What is another vote of confidence is how many of our current and prospective customers have invested: WND Ventures (DPR's CVC), Suffolk Technology, AEC Angels, STO Building Group, Liberty Mutual Strategic Ventures, Thornton Tomasetti/ TTWiiN, Charps, and many more."

Redpoint's Erica Brescia, also the newest member of Trunk Tools board, added, "Growing up in the construction industry, I have a deep appreciation for the complexities of commercial projects. We have zero doubt of AI's potential to revolutionize construction management. This is a truly massive market opportunity, and we've been searching for a team that combines the empathy that only comes with deep industry experience with the AI expertise to execute this audacious vision. We're thrilled to partner with Sarah and the team at Trunk Tools, who possess the ideal mix of passion, experience, and AI expertise to bring the power of AI to construction."

With today's announcement, Trunk Tools is also introducing the first fully autonomous AI-powered agent tailored to the construction industry: the Trunk Tools Schedule Agent. Harnessing Trunk Tools' underlying data infrastructure, the Schedule Agent offers an unprecedented solution in the construction industry: a dynamic link between scheduled activities and all essential supporting documentation to build on time, on budget and according to plan. This advanced agent builds upon Trunk Tools' existing proprietary AI platform, which is already used by many of the largest general contractors and several Fortune 500 companies, to help construction teams stay on schedule by becoming more proactive on the jobsite without any additional effort by sensing project issues, surfacing insights and taking action.

The Schedule Agent integrates seamlessly with schedule files, independently monitoring upcoming tasks to provide timely notifications to notify project managers, superintendents, and project engineers about open tasks, discrepancies or logistical problems.

By helping construction professionals proactively monitor project schedules, manage critical documentation, and automatically alert impacted parties, Trunk Tools fulfills its mission of "empowering construction; let builders build".

Early users of the Trunk Tools platform are raving about the productivity gains realized in the field. Andy Roy, a Gilbane Building Company senior superintendent who has leveraged Trunk Tools since 2023 on a large, complex construction project states: "Trunk Tools showed that it can help our teams increase efficiency and save significant time by preventing rework. With TrunkText doing the 'document digging' for me, I can work more effectively and be more responsive in the field."

"We like to say we are not in AI but in IA - intelligence augmentation: augmenting the tedious, manual, painful parts of worker's jobs, so builders can focus on building," continued Dr. Buchner. "This is just the beginning of what our AI platform and its army of AI agents can achieve. This industry has long been ripe for disruption, but the market has needed the underlying technology to actually get to a point where it can leverage unstructured data effectively. Generative AI is the answer to construction's long standing incapability to adopt and leverage technology and we are proud to be the leading provider in our industry."

About Trunk Tools

Trunk Tools built the brain behind construction and is transforming the $13 trillion construction industry. As the preeminent AI agent platform for the built environment, Trunk Tools deploys solutions that streamline construction data management, automate tedious and repetitive work, and reduce waste. Trunk Tools was founded by Dr. Sarah Buchner in 2021 and is headquartered in New York, NY.

About Redpoint Ventures

Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. We invest in startups across the seed, early and growth phases, and we're proud to have backed over 578 companies—including Snowflake, Looker, Kustomer, Twilio, 2U, DraftKings, Duo Security, HashiCorp, Stripe, Guild, HomeAway, Heroku, Netflix, and Sonos—with 181 IPOs and M+A exits. Redpoint manages $7.2 billion across multiple funds. For more information visit: http://www.redpoint.com/

For more information, please visit www.trunktools.com.

Media contact: Reilly Payne | [email protected]

SOURCE Trunk Tools

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