Cloud-based estimating solution Ediphi announced it has raised $12 million in Series A funding led by Norwest Venture Partners. The funding will expand its team, invest in product innovation through R&D, and grow its market share.
This funding comes several months after the company raised a $6.5 million seed funding round led by Suffolk Technologies in November 2023.
Estimating is a process and the most important phase in construction. So only a cloud-based solution can meet today’s estimating requirements, which ties directly to downstream project success.
Ediphi’s cloud-based estimating solution generates informative estimates with minimal project inputs and a rich cloud database of scope and historical cost data. Contractors can start preconstruction with the following features:
1.) Centralize data in the cloud with an internet connection and a browser
2.) Drive conceptual, detailed cost estimates, general conditions and requirements, and buy-out
3.) Connect preconstruction workflows in a single location
4.) Accelerate preconstruction and win more profitable work
Before co-founding Ediphi, CEO Dustin DeVan spent six formative years as a general contractor. This experience increased his passion for the construction industry and ignited his ambition to improve preconstruction processes. After that, he founded BuildingConnected, a preconstruction platform that was eventually acquired by Autodesk for $275 million. CTO Michael Navarro is a 20-year veteran of preconstruction and operations and the chief architect behind the Ediphi platform.
KEY QUOTES:
“Dominated by legacy, on-premise solutions, nearly 75% of contractors rely on manual methods for price quoting. Ediphi is about to change that with a cloud-native solution that saves time and money by accelerating a days- or weeks-long process into a few hours, while enabling unprecedented accuracy, scalability and collaboration. I’ve followed Dustin for more than a decade and it’s clear he understands the pain points of preconstruction firsthand, and he’s assembled a strong leadership team with deep domain expertise. It’s rare for a company at this stage to deliver an enterprise-class solution that pays for itself in savings. We see enormous opportunity for Ediphi to disrupt the preconstruction market.”
– Sean Jacobsohn, Norwest partner
“Our mission is to empower the people who plan the built world. This funding further validates our efforts and will allow us to build our team and invest more in research and development. We have seen massive interest from customers looking to move away from desktop applications for modern cloud infrastructures and to consolidate their estimating processes.”
– Dustin DeVan CEO of Ediphi
