Document Crunch has secured $21.5m in Series B funding round to ensure that construction companies stay compliant during project execution phase.
Leading the funding round was Titanium Ventures.
It also included participation from strategic partner Group and major construction companies such as Andres Construction and Satterfield & Pontikes, alongside existing investors Navitas Capital, Zacua Ventures, Fifth Wall, and Ironspring Ventures.
The construction industry incurs more than $11bn annually on losses linked to risks buried in complex contracts and project documents.
The inability to understand and adhere to these documents is a primary cause of construction disputes, leading to additional costs for stakeholders.
Despite spending billions to mitigate risk, the industry continues to suffer profit losses due to inadequate contract compliance.
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By GlobalDataDocument Crunch addresses this issue with its AI-powered platform, specifically designed for the construction sector to promote 鈥榙ocument compliance鈥�, thereby ensuring that all project participants can easily understand and follow the terms of their contracts and project documents.
Previously, Document Crunch raised $9m in Series A round and expanded its platform to provide the AI-driven workflows necessary for contract compliance.
Its original strategic partnership and integration with Procore led to a strategic investment from in its Series A, and now Series B funding from Nemetschek Group.
Document Crunch stated that it has cemented its reputation as a reliable provider of contract risk review and document compliance solutions through strategic partnerships with other contractors in the construction industry, including , The Boldt Company, Haskell, and PCL Construction.
Document Crunch CEO and co-founder Josh Levy said: 鈥淲e have made major strides expanding our platform to support the day-to-day needs of project teams. All of this momentum has clarified our vision and what the industry needs from us, and we intend to get much deeper into all the documents and project team workflows that cause risk for our industry.鈥�
