Cultivation Capital Leads $7.7M Series A Investment in Reconstruct -- AI & Digital Twin Software Company for Construction and Real Estate
CHAMPAIGN, Ill. & ST. LOUIS--(BUSINESS WIRE)--May 14, 2019--
Reconstruct provides a ‘visual command center’ for projects enabling project executives to proactively and precisely manage construction progress including detecting current, past, and future performance issues. The platform’s 3D timelines enable real-time coordination among general contractors, subs, owners, and lenders. A labor-intensive process that relied on paper or spreadsheets and took weeks now takes minutes. Customers like Walbridge, Clayco, Taisei, and Kajima are experiencing benefits that impact the profitability of their projects.
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Reconstruct’s AI and digital twin capabilities provide indoor/outdoor views for project stakeholders to track and resolve project issues in a virtual environment before they impact cost and schedule (Graphic: Business Wire)
CEO, Zak MacRunnels notes, “In order to revolutionize the industry, our investors needed to understand real estate and construction. We get that with Cultivation Capital. Together we make it easy for construction firms and real estate developers to realize efficiencies and savings by integrating our technology into their operations.” With roots in Silicon Valley and the Midwest, Reconstruct understands the challenges traditional industries face in adopting innovative technology. This capital allows the company to expedite that transition while extending its lead in computer vision and machine learning and opening offices in Texas, Chicago, NYC and Tokyo.
Cultivation Capital Partner and Board Member, Barry Sandweiss sees incredible potential in the company. “Reconstruct has the opportunity to transform the management, financing, and insuring of projects in construction and beyond.”
Reconstruct has already built success stories. “Reconstruct gives us timely insights that positively impact scheduling and enables seamless alignment among our departments helping us avoid unnecessary delays,” says John Jurewicz, General Manager, Walbridge.
Kajima Building & Design is another customer headquartered in Japan. ”Reconstruct’s software gives us a ring-side seat to the sites even if we are miles away, letting us see progress and manage potential risks of each project,” states Zane Ardis, Project Manager.
Oracle has been integral to Reconstruct’s growth trajectory via its Global Startup Ecosystem and Construction and Engineering Units. MacRunnels states, “Without the power of Oracle Cloud Infrastructure and Primavera P6 integration, we would not have seen such quick adoption.” Oracle Executive Director Burcin Kaplanoglu adds: “Reconstruct is an anchor tenant of our Innovation Lab and has delivered significant value to our joint customers. We look forward to a long-term relationship.”
The technology was patented by founders, Dr. Mani Golparvar and Dr. Derek Hoiem, from the University of Illinois where the R&D team is based while management is in Menlo Park, California. Cultivation Capital invested alongside Serra Ventures and Seyen Capital.
Reconstruct is a SaaS platform for construction and real estate. Reconstruct’s AI capabilities provide indoor/outdoor views and a 3D timeline for project stakeholders to track and resolve project issues in a virtual environment before they impact cost and schedule.
About Cultivation Capital
Cultivation Capital, a family of venture funds and accelerators, makes early stage investments in technology and life sciences companies in undercapitalized geographies. Since the firm’s founding in 2012, they funded over 140 startups.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005389/en/
CONTACT: Dom Santomieri, Reconstruct
email@example.comMeg Brigman, Cultivation Capital
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA ILLINOIS
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
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PUB: 05/14/2019 09:07 AM/DISC: 05/14/2019 09:07 AM