- Construction mobile platform company Rhumbix has closed $14.3 million in Series B funding led by Blackhorn Ventures and Tenfore Holdings
Rhumbix, a mobile platform for smarter construction sites, announced it closed a $14.3 million Series B round of funding led by Blackhorn Ventures and Tenfore Holdings with participation from Greylock Partners, S28 Capital, South Park Ventures, and Glynn Capital.
Launched by two U.S. Navy veterans in 2014, Rhumbix essentially modernizes construction field operations, helps builders go paperless in the field, and improve how they measure and manage labor productivity.
“There are extraordinary advances taking place in the industry on many fronts,” said Rhumbix co-founder and CEO Zach Scheel in a statement. “From the deployment of semi-autonomous robots on project sites to the emergence of digital twins as a system of record for progress reporting and as-builts, construction tech is moving at lightning speed. But at the field level there’s still a shortage of digital tools for tradesmen and women. The Rhumbix platform is designed “Workers First” to ensure rapid adoption and provide them with intuitive digital tools to share data in real-time and communicate with all project stakeholders. Our platform significantly decreases the administrative time required to collect, analyze, and draw insights from field data, while also increasing the quality and accuracy of data collected and enabling end-to-end digital workflows.”
“We’re excited to increase our investment in the Rhumbix team,” added Blackhorn Ventures managing partner Trevor Zimmerman. “The growth in the construction tech space generally, and especially for Rhumbix, has been remarkable. Rhumbix is digitizing one of the world’s largest industries and delivering a strong return on investment for its customers while improving resource efficiency in the process.”
“The construction industry is a massive market undergoing increasing digitization and innovation,” explained Tenfore Holdings managing partner Dan Levine. “Rhumbix helps to unlock data that has previously been trapped in the construction site. Its data-driven technology provides construction workers, general contractors, and sub-contractors with new insights that have previously been inaccessible.”
Last year, U.S.-based construction tech startups saw $3.1 billion in new funding in 2018 according to Crunchbase’s stats. This is a 324% increase over 2017. This further validates that the construction industry is now embracing digitization to maximize productivity and profit with major investors recognizing the potential within the $1.3 trillion industry.
“We’ve been fortunate to partner with investors and companies that understand what happens in the field directly impacts what happens in the office,” noted Rhumbix co-founder and COO Drew DeWalt. “Greater efficiency at every stage of the building process eliminates much of the guessing game that previously took place. It’s remarkable to see how quickly things are changing and we’re fortunate to have a front-row seat.”
Rhumbix offers an iOS and Android version of its platform. And the company’s Field Intelligence Platform is a cloud-based mobile workforce management solution that collects and digitizes data from previously paper-based workflows. This ensures that all project stakeholders have the best data when they need it and for making better decisions. And it draws actionable insights setting a standard for the “digital age” foreman.