Latest news with #Miter
Yahoo
6 days ago
- Business
- Yahoo
6 contech startups snare a collective $101M
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Startups that help contractors decarbonize buildings, manage their workforces and make jobsites safer were some of the businesses that benefitted from fresh infusions of investor funding in the second quarter of 2025. Here are six startups that caught investors' eyes and raised capital for their businesses. $28 million Dubai, United Arab Emirates-based WakeCap, a project intelligence software that uses sensors to track construction and safety progress, raised $28 million in a Series A funding round, the firm announced on May 13. Via a sensor that attaches to a construction hard hat, WakeCap's tech picks up data around the jobsite, which is uploaded through its network and onto the platform, according to the company's website. The company said it provides information related to worker access and equipment utilization as well as safety alerts and progress tracking. Users report a 91% reduction in safety issues, a 25% productivity gain and 70% faster incident response times, according to the news release. The new capital will be used to scale WakeCap's presence across existing and new markets, deepen its product capabilities, grow its team and expand integrations with key industry platforms, according to the news release. $23 million San Francisco-based Miter, which offers cloud-based field operations and expense management solutions, announced a recent $23 million Series B funding round led by existing investors Bessemer Venture Partners and Coatue Management, according to a May 19 news release. The round brings its total funding to $38 million. Miter helps contractors modernize their back-office and field operations by connecting human resources, finance and operations into one platform, according to the news release. The company says it typically replaces desktop-based applications or industry-agnostic software. Some of the platform's functions include tools to help with job costing, payroll compliance, employee onboarding, time-tracking, expense management and benefits administration. The firm wrote that builders leveraging the platform save between 20 to 40 hours per week on payroll processing alone. $22 million U.K.-based Converge, an artificial intelligence-powered concrete management and decarbonization tech firm, completed a $22 million investment round, according to a May 21 news release. The startup's flagship platform, ConcreteDNA, offers a suite of solutions for generative and predictive AI mix insights, real-time concrete monitoring and data management, according to the news release. The offering helps builders make faster, data-driven decisions, reduce embodied carbon and minimize resource waste, the company said. With the funding, Converge plans to accelerate its commercial expansion and the development of ConcreteDNA. $14.5 million Montreal-based Exterra, a startup that turns mining waste into sustainable building materials, announced a 20 million Canadian dollar ($14.5 million) funding round on May 6. Exterra's offering comes in two segments — using its technology, one process can take waste and produce low-carbon metal oxides alongside other by-products, and another mineralizes carbon dioxide in a single step without the need for carbon capture. It also uses Quebec's low-carbon hydroelectric grid to generate high-demand co-products, which include amorphous silica used for low-carbon building materials. Exterra's commercialization strategy centers on its upcoming asbestos mitigation Hub I project, scheduled to begin construction in 2027 in Quebec, according to the release. The company said it will become the world's largest asbestos mitigation plant, with an annual capacity to process over 300,000 tons of asbestos mine tailings annually. $10.5 million Charlotte, North Carolina-based Field Materials, which developed an AI platform for material and equipment procurement, completed a $10.5 million Series A funding round, the firm announced on April 30. The raise brings the company's total funding amount to $19 million. Using proprietary large language models, Field Materials' AI-product takes in vendor quotes, delivery slips and invoices and automatically enters the data into nine major construction accounting systems. The company said this reduces purchase order and invoice processing time by 90%, improves margins and helps contractors get volume pricing. The company touts large contractors among its customers, including Concord, California-based Swinerton, Sacramento, California-based Teichert and Salt Lake City-based Big-D Construction. With the money, Field Materials plans to double its team and triple its revenue in 2025, according to the news release. $3 million Suffolk Technologies, the venture capital arm of Boston-based builder Suffolk Construction, has invested in Somerville, Massachusetts-based Sublime Systems, a low-carbon cement manufacturer, the firm announced in a May 20 news release. The total influx was $3 million, the venture capital firm told Construction Dive via email. Sublime's manufacturing process replaces the traditional combustion-driven kiln with a proprietary ambient temperature electrochemical process that produces a cement that significantly reduces carbon emissions, according to the release. It has the potential to achieve cost parity at scale with conventional Portland cement, the announcement said. The announcement comes on the heels of a long-term contract that tech giant Microsoft signed with Sublime Systems to buy low-carbon cement to meet its sustainability goals by reducing its construction emissions, according to the news release. In addition, the U.S. Department of Energy selected Sublime Systems last year for an up to $87 million award to speed up construction of a low-carbon cement manufacturing plant in Holyoke, Massachusetts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
19-05-2025
- Business
- Business Wire
Miter Raises $38M from Bessemer and Coatue to Help Contractors Build with Confidence
SAN FRANCISCO--(BUSINESS WIRE)-- Miter, a leading provider of cloud-based human capital management (HCM), field operations, and expense management solutions for the construction and field service industries, today announced it has raised a total of $38M, including a recent $23M round led by existing investors Bessemer Venture Partners and Coatue Management LLC. "With the help of our customers, we're building a platform that helps ambitious contractors navigate change and build with confidence,' said Connor Watumull, Co-Founder and CEO of Miter. 'We want to unleash the potential of contractors everywhere.' Miter was founded in 2021 to help construction and field service contractors build with confidence. Miter's long-term vision is to make it faster and easier to build critical infrastructure like energy systems, housing, transportation, and data centers. Miter helps contractors modernize their back-office and field operations by connecting HR, finance, and operations in one platform. Miter typically replaces desktop-based applications or industry-agnostic software. Miter's cloud-based platform empowers contractors with the tools they need to build high-performing teams, control job costs, and manage their operations. Built for the construction industry, Miter simplifies everything from job costing to union or Certified Payroll compliance to employee onboarding, time-tracking, expense management, and benefits administration. "With the help of our customers, we're building a platform that helps ambitious contractors navigate change and build with confidence,' said Connor Watumull, Co-Founder and CEO of Miter. 'We want to unleash the potential of contractors everywhere.' More than 700 contractors of all sizes have partnered with Miter to connect HR, finance, and operations in one platform. Miter works with other industry leaders to deliver seamless integrations with top construction ERPs (Sage, NetSuite, and Acumatica), and project management and field service solutions (ServiceTitan, BuildOps, Procore, and HCSS). Contractors have streamlined their operations using Miter, saving 20-40 hours per week on payroll processing alone. Miter has also helped contractors expand without adding administrative overhead by providing the scalable infrastructure needed to support growth. 'Miter rescued us from payroll and time-tracking chaos,' said Garrett Henke, COO at American Roofing & Metal. 'Miter has allowed us to serve new states and public sector projects that we would have struggled with on our old system, and it also gives us real-time insight into our labor costs. It is a game changer." 'Contractors have a challenging job – not only do they need to be experts in how to build the critical structures, but they also need to solve one of the most complex human capital problems – staffing high quality experts across multiple disciplines for overlapping projects where each can have unique wages, benefits, and taxes,' said Kent Bennett, partner, Bessemer Venture Partners. 'Connor and the team at Miter are solving this massive headache with a workforce platform that automates away the most painful parts of managing a construction firm so that contractors can get back to the business of making the world work. The customer response to the Miter product has completely validated the pain point, the elegance of Miter's solution, and the incredible quality of their team. We're thrilled to be investors.' About Miter Miter is an HCM, field operations, and expense management platform built for contractors. Driven by a vision of a better built world, Miter makes it easier and faster to build our critical infrastructure by empowering the next generation of contractors to strengthen their workforce, control job costs, and accelerate jobsite execution. The platform connects people, projects, and payments, enabling contractors to build with confidence. Learn more at
