Document Crunch, a leading contract intelligence platform in the construction sector, has successfully closed a Series A funding round, raising $9 million. Navitas Capital led the round, with participation from existing investors Zacua Ventures, Fifth Wall, Argonautic Ventures, and Ironspring Ventures. This investment will fuel Document Crunch’s ongoing efforts to scale its contract risk review solution, widely adopted by back offices across the construction industry. Additionally, the funds will support team expansion and the further development of advanced contract compliance solutions for project teams responsible for contract execution during construction.
Josh Levy, Document Crunch co-founder and CEO, emphasized the company’s commitment to empowering industry professionals to understand their contracts comprehensively, from back-office operations to on-site execution. Document Crunch has experienced significant revenue growth, tripling its earnings annually over the past three years. The platform’s engagement has surged among general contractors, subcontractors, and various stakeholders such as sureties, insurance carriers, design professionals, and law firms.
Utilizing a robust machine learning platform and proprietary models, Document Crunch delivers tailored contract analysis tailored specifically for the construction industry. Its latest offering, Chat, introduced last month, provides instant answers and insights from contracts and other construction documents, streamlining traditionally laborious and error-prone review processes.
Travis Putnam, managing partner at Navitas Capital, underscored the critical role of managing risk in construction and praised Document Crunch’s vision to develop best-in-class AI solutions for the industry. With strategic partnerships in place and key customers including Balfour Beatty, The Boldt Company, and The Haskell Company, Document Crunch has established itself as a trusted provider of contract risk review solutions.
A significant focus of the Series A funding will involve integrating Document Crunch’s technology more deeply into project management workflows, following its partnership announcement with Procore in late 2023. This strategic move aims to revolutionize contract intelligence within project teams, offering predictive data and risk mitigation to enhance companies’ bottom lines.
About Document Crunch:
Document Crunch simplifies construction contracts using proprietary AI and machine learning, enabling teams to identify critical risk provisions and make informed decisions throughout the project lifecycle.
About Navitas Capital:
Navitas Capital is a venture capital firm focused on transformative real estate technology and innovation, providing foundational venture capital, industry expertise, and market access to its portfolio companies.
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By Ravi Kumar
