Document Crunch Raises $21.5M Series B to Ensure Construction Stays Compliant During Project Execution
Document Crunch raises $21.5M Series B funding. The industry’s only AI-powered document compliance platform will go deeper to mitigate the biggest risks in construction contracts and project documents.
The industry’s only AI-powered document compliance platform will go deeper to mitigate the biggest risks in construction contracts and project documents.
ATLANTA, October 9, 2024 — Document Crunch, the construction industry’s only document compliance platform, today announced it has raised $21.5M in Series B funding. The round was led by Titanium Ventures and includes participation from key strategic partner Nemetschek Group, along with major construction companies such as Andres Construction and Satterfield & Pontikes, plus existing investors, including Navitas Capital, Zacua Ventures, Fifth Wall and Ironspring Ventures. In addition to the raise, the company will add Yash Patel, General Partner at Titanium Ventures as a new member to its Board of Directors.
Construction is a $13T global industry, and in the U.S. alone, general contractors and subcontractors spend an estimated $11B+ annually on profit loss related to risk hidden within complicated contracts and project documents. In addition to this spend, the failure of project teams in the field to understand and comply with these documents is the leading cause of construction disputes, which creates a massive additional expense for project stakeholders, including owners, lenders, engineers and insurers, among others. The industry spends billions of dollars to prevent risk but still loses billions of dollars in profits because it never addresses the root cause, which is poor contract compliance. Document Crunch solves this problem with its AI-powered platform, purpose-built for construction, dedicated to enabling “document compliance” or ensuring everyone on a project can easily understand and comply with the terms of their contract and project documents.
“We have made major strides expanding our platform to support the day-to-day needs of project teams,” said Josh Levy, CEO and Co-founder of Document Crunch. “All of this momentum has clarified our vision and what the industry needs from us, and we intend to get much deeper into all the documents and project team workflows that cause risk for our industry.”
Launched in 2019, Document Crunch started as a contract review solution for back-office legal and risk teams to quickly and effectively identify risks during pre-construction and negotiation. The initial product saw outstanding growth and adoption among general contractors, subcontractors and other key stakeholders. However, the company’s founding vision was always to de-risk contract administration in the field as well.
To that end, Document Crunch raised a $9M Series A less than a year ago and expanded its platform to give project teams the AI-powered workflows they need to comply with their contracts. As predicted, this second product space proved to be a huge success in a short period of time and even led to a product expansion to support more document types. Teams are currently using Document Crunch across thousands of projects nationwide, and the solution has become construction’s only end-to-end document compliance platform. However, there’s much more on the horizon.
"We are thrilled to partner with the Document Crunch team on this next stage of growth," said Yash Patel, General Partner at Titanium Ventures and the most recent addition to the Document Crunch Board. "Ongoing contract compliance is imperative in the construction industry to avoid projects finishing over schedule and over budget. Document Crunch’s approach to leveraging the latest in AI, strong domain expertise, a passionate ‘Crunch Community’ customer base, and unique distribution edge thoroughly impressed us. It’s rare to see thoughtful applications of AI in vertical software with the potential to be adopted by the masses."
Notably, Document Crunch has also formed an unrivaled distribution edge within the construction industry. Its initial strategic partnership and integration with Procore paved the way for strategic investment from Trimble in its Series A, and now Series B investment from Nemetschek Group, a leading global provider of software solutions for the AEC/O and media industry, which includes Bluebeam.
“At Nemetschek, we are convinced of the transformative potential that AI holds in driving efficiencies and unlocking deeper insights in the construction industry,” said Matt Wheelis, SVP, Strategy, Build & Construct Division at Nemetschek. “Our investment in Document Crunch is a natural extension of our commitment to innovation. Document Crunch’s focus on contract-related AI is highly complementary to our innovation in design reviews and construction drawings with Bluebeam. We look forward to working with our joint customers to accelerate the potential for ethical AI in construction.”
In addition to strategic partnerships, some of the largest and most well-known contractors in the industry are loyal Document Crunch customers and advisors. Balfour Beatty, The Boldt Company, Haskell, and PCL Construction, to name a few, have solidified Document Crunch’s position as a trusted provider of contract risk review and document compliance solutions.
For more information about Document Crunch and its AI-powered document intelligence and compliance solutions, visit documentcrunch.com.
About Document Crunch:
Document Crunch is the document compliance platform for construction. Leveraging proprietary AI and machine learning, it simplifies construction documents, quickly identifying critical risks 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 documentcrunch.com or schedule a demo, here.
For more information and to book an interview, please contact:
Girish Jaggi
The MicDrop Agency
+1 (289) 623 3627
Document Crunch Introduces Automated, Next-Generation Contract Compliance Solutions Powered by CrunchAI™
The company’s leading-edge Construction Contract Checklist and Project Playbook powered by CrunchAI™ are now generally available after extensive testing and eager adoption by key customers.
New Features Give the Construction Industry End-to-End Compliance Tools and Automated “Jobs to Be Done” for Better Project Outcomes
[ATLANTA, Ga, July 16, 2024] - Document Crunch, the construction industry’s leading AI-powered contract intelligence and compliance provider, today announced the launch of new groundbreaking automation and compliance solutions, designed to revolutionize document review and project execution. The company’s leading-edge Construction Contract Checklist and Project Playbook powered by CrunchAI™ are now generally available after extensive testing and eager adoption by key customers. These innovative features are automating industry specific jobs to be done to support best practices for contract compliance throughout the entire project lifecycle.
"We have taken a major leap forward in the efficacy of our already industry-leading solutions. Certain best practices, such as thoroughly reviewing a construction contract before bidding, or educating a project team around important contract administrative issues at project kickoff, are at best a big source of pain when it comes to time and money. But the reality is, much of our industry is incurring massive liability or fee erosion because teams don’t have the time or resources to instill these fundamentals when it comes to contract compliance," said Josh Levy, Co-Founder and CEO of Document Crunch. "Document Crunch exists to drive better outcomes throughout the entire project lifecycle. And while we started with empowering better understanding of contract commitments for the whole industry, our newest launches are completely streamlining the adoption of best practices by automating certain work.”
Ensuring contract compliance is an often overlooked necessity in the $13 trillion construction industry, where 50% of projects worldwide finish late or over budget. The terms of the contract and/or how that contract is administered dictate who bears the responsibility to pay for those overruns. Having a contract compliance strategy means de-risking the contract before it’s signed to ensure an appropriate balance of risk, but it also includes ensuring daily decisions at the project level–and the accompanying workflows–align with the complex obligations undertaken by the organization.
As part of this launch, Document Crunch developed a blueprint, or step-by-step process, for contract compliance that lays out the best practices for achieving better project outcomes:
Conduct critical risk assessment of contract prior to bidding on the job
Negotiate risks and terms to your standards
Begin every project kickoff by educating teams on critical obligations
Provide daily decision support with just-in-time contract insights for project teams
Automated compliance for daily workflows and obligations
Document Crunch addresses these needs by providing end-to-end project compliance solutions from pre-signature to project completion and beyond. And it is now doubling down on its initial product suite by introducing more automation for critical jobs to be done.
The new Checklists are designed to standardize contract review procedures, streamline collaboration, and significantly reduce the time required to prepare for bids or negotiate terms by automatically identifying and summarizing what is most important to the user within their complex contract documents. With the integration of CrunchAI, the platform helps mitigate an organization’s exposure to unnecessary risk.
Document Crunch’s Project Playbook will play an integral role in any organization’s contract compliance strategy by automatically condensing contract information and making it simple for project teams to understand their obligations at project kickoff, but also to access essential guidance during the project. Previously, teams would manually create this guidance, if at all, but now, with CrunchAI, the instructions for key commitments are automatically generated making it easy and efficient to achieve best practices. Available within both Document Crunch and the Procore integration, the Playbook ensures seamless accessibility and integration with existing workflows, enhancing overall project efficiency and accuracy.
With the next generation of Playbooks and Checklists powered by CrunchAI, teams can swiftly assess risks before signing and maintain compliance throughout the project, all without hindering progress or jeopardizing schedules and profitability.
Document Crunch continues to lead the construction industry in innovation, and in June, was awarded a 2024 AI Breakthrough Award for Best Overall Large Language Model. The recognition underscores the company’s commitment to setting a new standard in AI-powered contract intelligence and automation for the construction industry, not just processing contracts and documents, but using technology to truly understand them within the complex context of construction projects.
"Our AI doesn't just read documents; it interprets them through the lens of construction expertise," says Trent Miskelly, COO at Document Crunch. "We're not just applying generic AI to construction problems. We've built an AI that thinks like a construction professional, and there’s much more to come."
About Document Crunch:
Document Crunch is the contract intelligence and compliance platform for construction. Leveraging proprietary AI and machine learning it simplifies construction documents, quickly identifying critical risks 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
For more information and to book an interview, please contact:
Girish Jaggi
The MicDrop Agency
+1 (289) 623 3627
Document Crunch Takes Additional Strategic Investment to Fuel Growth and Expand its Offering to Include Key Data Benchmarking Partnerships
Document Crunch announced that it has taken on an additional $2 million in capital from Ironspring Ventures, a sector-focused venture capital fund investing in digital industrial innovation.