ATLANTA, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Document Crunch, the construction industry’s leading contract intelligence platform, today announced it has raised a Series A funding round of $9M. The round, 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 round will also help to grow its team and further develop cutting-edge contract compliance solutions for project teams, who bear the responsibility of contract execution during construction.
“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,” said Josh Levy, Document Crunch co-founder and CEO, and long-time construction attorney. “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.”
Document Crunch has 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, and material suppliers.
With a robust and 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 unparalleled 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 contract and other construction documents. The construction industry has long been burdened by time-consuming and error-prone contract review processes. Document Crunch continues to address these challenges head-on, providing construction professionals with the tools they need to review contracts efficiently and accurately.
“Managing risk is the name of the game in construction,” said Travis Putnam, managing partner at Navitas Capital. “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.”
With strategic partnerships already in place with major industry stakeholders including AXA XL, ELECTRI, and IRMI, as well as 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. 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. Bringing Document Crunch’s much-needed contract intelligence to project teams has been described by the companies’ joint customers as a “total game-changer” and became the catalyzing event for this Series A financing.
This is the beginning of a new era where Document Crunch will become further knit to project management workflows which create risk around contract compliance for construction companies. It also opens the door for the company to begin using large language models (LLMs) on top of its unique data to automate certain jobs to be done for project teams and to provide predictive data and risk mitigation to bolster companies’ bottom lines.
About Document Crunch:
Document Crunch is a contract intelligence platform–leveraging proprietary AI and machine learning–that simplifies construction contracts, quickly identifying critical risk provisions and providing guidance so teams can make great decisions throughout the entire project lifecycle. The company is on a mission to empower everyone in the construction industry to understand what’s in their contracts. To learn more, visit www.documentcrunch.com
About Navitas Capital:
Navitas is a venture capital firm focused on transformative real estate technology and innovation. Established in 2009, Navitas provides foundational venture capital, industry expertise and market access to its portfolio companies. Real estate owners, operators and developers themselves, the Navitas team evaluates and deploys technology solutions across their own cross-sector portfolio as well as Navitas' network of limited partners, which include publicly traded REITs, real estate private equity firms and investment managers, Fortune 500 companies, homebuilders, endowments, and family offices. Please visit us at www.navitascap.com or follow us on LinkedIn for more information.
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Girish Jaggi
Account Manager
The MicDrop Agency
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