BuildOps has raised $127 million in a late-stage funding round, achieving a valuation of $1 billion as it seeks to scale operations and address the increasing demand for its AI-enabled software platform among contractors.
The Series C funding round was led by Meritech Capital Partners, with participation from new investors including Schneider Electric's SE Ventures and BOND Capital, alongside existing investors such as Fika Ventures and Next47.
Recent advancements in AI and improved access to these technologies have created opportunities for various sectors to enhance productivity and cut costs.
BuildOps provides a unified platform for commercial contractors to manage accounts, customer relationships, and various operations, and it has experienced significant demand for its services.
"The modern contractor that we work with is now going to have insights from volumes of data that we're leveraging AI against to project cost overruns before they happen," Chief Operating Officer John Laino noted. "Historically, they would have to wait three or four months into a project, and sometimes it was too late to course-correct."
Backed by Peter Thiel's Founders Fund, BuildOps has been growing at an impressive rate of 100% over several years and anticipates continued high growth in the foreseeable future. CEO Alok Chanani mentioned that going public is part of the company's vision but did not disclose a timeline.
"We're in a hyper-growth stage today, and profitability is not a core focus of the business right now. Our emphasis is on growth, heavily investing in R&D, product development, and expanding our market reach and customer acquisition," Chanani explained.
The company also plans to pursue strategic acquisitions that align with its goals. In 2023, BuildOps acquired PWSWARE, the parent company of software platform Perfectware Solutions, for an undisclosed amount.