This round, which values the company at $3 billion, will be leveraged to support product development, partner platform expansion, and continued investment in hiring and developing top talent.

“At Procore we’re committed to delivering products and solutions that improve the lives of everyone in the construction industry, so we will continue to invest in the core areas of our business that have direct positive impact for our users,” said Tooey Courtemanche, founder and CEO, Procore. “We believe business drives culture, and culture drives business. This investment round will allow us to advance product innovation, expand on the largest partner and developer ecosystem in construction technology, and continue to hire and develop the best talent to support our mission and vision.”

Procore currently has over 1,300 full-time employees working across 12 offices around the globe, and will exit the year with more than 5,000 customers on projects in over 100 countries. The company was recently recognized as the fourth best place to work in the United States, according to Glassdoor’s 2019 Best Places to Work.

Procore is a leading provider of cloud-based applications for construction. Procore connects people, applications, and devices through a unified platform to help construction professionals manage risk and build quality projects—safely, on time, and within budget. Procore has a diversified business model with products for Project Management, Construction Financials, Quality & Safety, and Field Productivity. Headquartered in Carpinteria, California, with offices around the globe, Procore is used to manage billions of dollars in annual construction volume.

The post Construction Tech Company Procore Closes $75 Million Funding Round appeared first on Archipreneur.

Atlanta-based Cove.Tool, an energy efficiency automation platform for the building industry, has closed a $750K seed round from Urban Us, Tech Square Labs, Knoll Ventures and more to focus on their next stage of growth. The building industry typically makes decisions based on what worked on the last project.

However, buildings produce 40% of carbon emissions and consume 78% of electricity and new building codes across the country seek to minimize energy consumption by requiring higher efficiency. Cove.tool seeks to bring big data analysis to reduce the cost of these new requirements.

cove.tool sees incredible interest from large and small companies on a daily basis who are looking for ways to make green buildings cost less while still hitting aggressive energy targets. Along with academic institutions like Georgia Institute of Technology and Emory University, developers are adopting cove.tool as part of the process for delivering high performance buildings.

The tool functions as an automated building consultant that balances performance vs cost to make the best design decisions.  Early stage modeling and optimization when information is least but impact is largest is vital for creating high performance buildings and can save developers 2-3% in construction cost. By automating the simulation inputs and intelligently interpreting the results for report creation, cove.tool reduces the time to understand performance from 20 hours to just 5 min, at a fraction of the cost of a $50,000 consultant.

The post Cove.Tool Closes Seed Round to Automate Sustainable Building Design appeared first on Archipreneur.