TraceAir, a construction software startup with Russian roots, announces the completion of its Series A $3.5 million round. It was led by London-based XTX Ventures with participation from Liquid 2 Ventures, GEM Capital, GPS Ventures, Andrew Filev (CEO Wrike), Metropolis.VC (which invested in a previous round) as well as US construction industry majors Independent Construction and ENGEO.
TraceAir has developed a cloud platform to help construction companies control quality and costs with a visual interface and smart analytics. Among other benefits, customers can “minimize waste using site balance tools to track cut/fills,” and “save time and manage projects remotely using drone images.”
Amid the Covid-19 pandemic, which results in delayed projects and a variety of other issues in the construction industry, the TraceAir platform allows for more efficient remote collaboration, claims the company’s CEO and co-founder Dmitry Korolev.
“New working practices and safety requirements raise the importance of automation tools, enabling us to complete many tasks remotely and to accelerate site completion,” says Brian McCosker, president of Independent Construction, who sees in the TraceAir platform an answer to “the industry’s most burning needs.”
The Russian-American startup will use the fresh funding to increase its marketing effort, grow its sales, and accelerate the development of new product features — focusing on remote work or social distance on site.
Founded in 2015, TraceAir operates on the Russian and US markets. In 2018, it secured $2.5 million from Sistema_VC, the venture arm of Russian conglomerate Sistema.
