Document Crunch, which is a document compliance platform for the construction industry, announced it has raised $21.5 million in Series B funding. The funding round was led by Titanium Ventures and included participation from key strategic partner Nemetschek Group, along with major construction companies like Andres Construction and Satterfield & Pontikes, plus existing investors, including Navitas Capital, Zacua Ventures, Fifth Wall, and Ironspring Ventures. Along with the funding round, the company will add Yash Patel, General Partner at Titanium Ventures as a new member to its Board of Directors.
Construction is a multi-trillion dollar industry, and contractors and subcontractors spend tens of billions of dollars every year on profit loss related to risk hidden within complicated contracts and project documents. Along with this spending, the failure of project teams in the field to understand and comply with these documents is the leading cause of construction disputes, which creates a massive additional expense for project stakeholders, including owners, lenders, engineers/insurers, and others. Even though the industry spends billions of dollars to prevent risk but still loses billions of dollars in profits because it never addresses the root cause, which is poor contract compliance.
Document Crunch solves this issue with its AI-powered platform, purpose-built for construction, dedicated to enabling “document compliance” or ensuring everyone on a project can easily understand and comply with the terms of their contract and project documents.
Launched in 2019, Document Crunch started out as a contract review solution for back-office legal and risk teams to quickly and effectively identify risks during pre-construction and negotiation. And the initial product saw outstanding growth and adoption among general contractors, subcontractors and other key stakeholders. However, the company’s founding vision was always to de-risk contract administration in the field.
Document Crunch has also formed an unrivaled distribution edge within the construction industry. And its initial strategic partnership and integration with Procore paved the way for strategic investment from Trimble in its Series A, and now Series B investment from Nemetschek Group, a leading global provider of software solutions for the AEC/O and media industry, which includes Bluebeam.
Along with strategic partnerships, some of the largest and most well-known contractors in the industry are loyal Document Crunch customers and advisors. Balfour Beatty, The Boldt Company, Haskell, and PCL Construction, to name a few, have solidified Document Crunch’s position as a trusted provider of contract risk review and document compliance solutions.
KEY QUOTES:
“We have made major strides expanding our platform to support the day-to-day needs of project teams. All of this momentum has clarified our vision and what the industry needs from us, and we intend to get much deeper into all the documents and project team workflows that cause risk for our industry.”
-Josh Levy, CEO and Co-founder of Document Crunch
“We are thrilled to partner with the Document Crunch team on this next stage of growth. Ongoing contract compliance is imperative in the construction industry to avoid projects finishing over schedule and over budget. Document Crunch’s approach to leveraging the latest in AI, strong domain expertise, a passionate ‘Crunch Community’ customer base, and unique distribution edge thoroughly impressed us. It’s rare to see thoughtful applications of AI in vertical software with the potential to be adopted by the masses.”
-Yash Patel, General Partner at Titanium Ventures and the most recent addition to the Document Crunch Board
“At Nemetschek, we are convinced of the transformative potential that AI holds in driving efficiencies and unlocking deeper insights in the construction industry. Our investment in Document Crunch is a natural extension of our commitment to innovation. Document Crunch’s focus on contract-related AI is highly complementary to our innovation in design reviews and construction drawings with Bluebeam. We look forward to working with our joint customers to accelerate the potential for ethical AI in construction.”
-Matt Wheelis, SVP, Strategy, Build & Construct Division at Nemetschek
