Tech Services Tech is not historically considered “sexy,” but the need for space change is huge.
That need was translated into a large fund for a company dedicated to streaming the processes of commercial contracting. On Friday, Buildops.
That appreciation is “more than double” the buildings of appreciation reached in its final financing – a $ 50 million series B round announced in May of 2023 and a follow-on “top up” $ 36 million increases for existing investors only, according to Offer Chaani, co-founder and CEO. The latest capital infusion brings the company's total raised to over $ 250 million.
Established in 2018, Los Angeles-based buildops have built field management field management software that helps commercial contractors with the US and Canada with project management, service, shipping, and invoving through what it describes as “AI-powered automation.” The company says its software helps contractors, including HVAC, plumbing, mechanical and electrical, and fire safety and life, increased efficiency, make fewer mistakes, reduce downtime, and achieve higher profitability.
“I'm talking to contractors day -day […] And they ignore their backs keeping our world running, but the deck is stacked against them with short staff, skyrocketing costs, and tech stuck in stone age, “Chanani told TechCrunch in an interview.
Chaani had previously established a commercial real estate group called the USA commercial. Co-founder Neeraj Mittal is a former engineering director of the Servicetitan. As for the third co-founder of Buildops, Steve Chew, he stints Microsoft, Nextag, and Fund.
Mittal is no longer in the company, According to his LinkedIn.
Buildops operate on a software-as-a-service (SAAS) model with a per-user price structured as part of an annual contract. The company has more than 1,000 commercial contractor customers, including JH Kelly, Haynes Mechanical, Dynamic Systems, Inc., and Baker Electric.
Chanani refused to disclose poor income numbers, but it was noted that since the company launched its platform in 2020, the buildops have “grown significantly,” exceeding the “seven numbers” in earnings in the first year and then traveling to that figure in 2021 and 2022. The income subsequently doubled to 2023 and 2024.
Buildops are not yet useful because they are focused on “aggressive scaling and future investment,” Chanani said.
At the forefront, buildops plan to use new capital to expand its headcount and invest in developing products and technologies, especially the API architecture. Also seeing what Chaani has described as “strategic acquisition.”
Currently, buildops have about 375 employees, up to 50% compared to a year ago.
For Meritech Capital General Partner and co-founder Paul Madera, commercial services are a “massive and critical segment of our economy that is incredibly unnoticed by modern software.”
“The offer and this Buildops team saw early and built the most complete operating system of commercial services in the industry,” said Madera, who joined the Buildops board as part of financing. “What we hear from big and small contractors is that buildops have done nothing to change their operating business and financially. Most importantly, they are allowed to better serve their customers.”
He told Techcrunch that his firm was also drawn to the fact that the buildops were exclusively dedicated to the commercial sector.
“Every customer […] Are things a bit different, which means the software needs to be fully configured, like any other basic record system, “he said.” Buildops have nailed the balance of product depth, flexibility, and availability in a really unique way. “
Interestingly, Techcrunch Editor-in-Chief Connie Loizos Peg piece.
The new bonds Bond Capital and Schneider Electric's SE Ventures also participated in the Buildops' Series C Round, as well as existing backers Fika Ventures, Next47, Stepstone Group, and Titanium Ventures. Earlier investors in buildops include 01A (formerly known as O1 advisors, founded by former Twitter Execs Dick Costolo and Adam Bain), founders fund, metaprop B Capital, 137 ventures, and Liquid 2.
