Document Crunch (the construction industry’s leading contract intelligence platform) announced it has raised a Series A funding round of $9 million. The funding round – which was led by Navitas Capital and joined by existing Document Crunch major investors Zacua Ventures, Fifth Wall, Argonautic Ventures, and Ironspring Ventures – will enable Document Crunch to continue scaling its contract risk review solution, which has become widely used by back offices throughout the construction industry. The funding round will also help grow its team and further develop cutting-edge contract compliance solutions for project teams, who are responsible for contract execution during construction.
Document Crunch tripled its revenue annually each of the past three years, with engagement on the platform increasing exponentially among general contractors and subcontractors but also with increasing momentum from other construction stakeholders including sureties, insurance carriers, insurance brokers, design professionals, law firms, material suppliers, etc.
With a secure machine learning platform, including proprietary models, generative AI leveraging frontier models from OpenAI and Anthropic, and a purpose-built retrieval architecture designed to deliver factual answers to the most complex customer questions and workflows, the company delivers contract analysis specifically designed for the construction industry.
Released last month, Chat is the newest solution from Document Crunch to support project teams by enabling all stakeholders to instantly get the answers and insights they need from their contracts and other construction documents. And the construction industry has long been burdened by time-consuming and error-prone contract review processes. Document Crunch continues addressing these challenges head-on, providing construction professionals with the tools they need to review contracts efficiently and accurately.
With strategic partnerships already in place with major industry stakeholders like AXA XL, ELECTRI, and IRMI, and key customers such as Balfour Beatty, The Boldt Company, and The Haskell Company, Document Crunch has solidified its position in the industry as a trusted provider of contract risk review solutions for back offices. And a major focus of this Series A will center around Document Crunch bringing its technology deeper into projects as jointly announced with Procore in late 2023.
KEY QUOTES:
“Our mission from day one has been to empower everyone in our industry to understand their contracts from the back office all the way into the field. Our risk review solution has gained significant traction over the past few years, and it has become abundantly clear there is an even greater need to empower project teams and de-risk contract compliance. When it comes to backing solutions that have gained widespread adoption within our industry, Navitas has an unparalleled record. It is the perfect partnership at the perfect moment in time.”
- Josh Levy, Document Crunch co-founder and CEO, and long-time construction attorney
“Managing risk is the name of the game in construction. As construction tech veterans, we knew well the pain point Document Crunch was solving and were immediately impressed by the team’s traction as well as vision to build best in class AI for the industry, enabling contractors up and down the value chain to reduce risk, increase compliance and grow their bottom lines. We’re excited to add our experience helping scale other successful software and AI platforms to Document Crunch’s arsenal.”
- Travis Putnam, managing partner at Navitas Capital
