Software for scalability
Mosaic Building Group, a Phoenix-based construction tech startup, has raised an additional $44 million in Series B funding (November 2021), bringing their total funding to $68.75 million. Mosaic designed its software to manage construction infrastructure in a way that will allow real estate developers to focus on things like land acquisition, sales, and architecture. Ultimately, Mosaic says, their goal is to make residential construction more scalable.
This scaling comes through the construction planning process. As a result, the software cuts costs, reduces materials, shortens build times, and improves construction quality.
“We’ve been trying to vertically integrate our construction operations with our technology stack,” says Salman Ahmad, CEO of Mosaic, “Instead of us trying to take the approach of just building software that addresses a single point solution, we’re basically trying to do what AWS did for tech startups where home builders and residential are able to offload their construction operations to Mosaic and focus their time and energy on their business operations."
Mandalay Homes acquisition
Competing construction planning process technology companies exist, but Mosaic pushes further than their competition; they acquired home builder Mandalay Homes. The company made this move to demonstrate its software’s abilities as well as to test its failures. So far, the company has built 160 homes and has 195 under construction.
Says new investor, Jason Freedman at Peak State Ventures, “We believe that the trade partners are the industry’s most precious resources and a lot of what Mosaic’s focus has been to develop technologies and tools to enable our trade partners to be successful and to be able to lean on Mosaic as a trusted and preferred building partner. It’s becoming increasingly obvious to us that maximizing the efficiency of the precious trade resources that we have is paramount to not just our success as a business but the success of the industry and to addressing some of the broader housing crises that exist across the country.”
Hopes to reduce costs and increase efficiency
With $44 million in series B funding in the bank and a robust testing method for their construction planning process software, Mosaic plans to hit the market with a splash that promises to help construction companies reduce costs with increased business efficiency.
Read the original article here.
Take your construction business to the cloud!Check out the hh2 product suite