TraceAir, a Redwood City, Calif.-based construction site development acceleration platform, completed a $3.5M Series A funding round.
The round, which brings the total capital raised to $7M, was led by XTX Ventures, joined by Liquid 2 Ventures, GEM Capital, GPS Ventures, and Andrew Filev (CEO Wrike) and existing backers Metropolis.VC, Independent Construction and ENGEO.
The company intends to use the new capital to grow marketing & sales and to accelerate the development of new product features.
Led by Dmitry Korolev, CEO, TraceAir provides a collaborative platform that allows users to identify and solve problems, reducing delays, and accelerating decision making. Tools like Haul Road automatically find the most efficient route to move dirt and materials, saving in equipment and fuel expenses.
The company is currently working with seven of the top twenty-five homebuilders in the US.