ATLANTA (Feb. 13, 2024) — Document Crunch, a contract intelligence platform for the construction industry, announced it has raised a Series A funding round of $9 million. The round, led by Navitas Capital and joined by existing Document Crunch major investors, Zacua Ventures, Fifth Wall, Argonautic Ventures and Ironspring Ventures, will enable Document Crunch to continue scaling its contract risk review solution, which has become widely used by back offices throughout the construction industry. The round will also help to grow its team and further develop cutting-edge contract compliance solutions for project teams, who bear the responsibility of contract execution during construction.
Document Crunch has tripled its revenue annually each of the past three years, with engagement on the platform increasing exponentially among general contractors and subcontractors, but also with increasing momentum from other construction stakeholders including sureties, insurance carriers, insurance brokers, design professionals, law firms and material suppliers.
With a robust and secure machine learning platform, including proprietary models, generative AI leveraging frontier models from OpenAI and Anthropic, and a purpose-built retrieval architecture designed to deliver factual answers to the most complex customer questions and workflows, the company delivers contract analysis specifically designed for the construction industry. Released last month, Chat is the newest solution from Document Crunch to support project teams by enabling all stakeholders to instantly get the answers and insights they need from their contract and other construction documents. The construction industry has long been burdened by time-consuming and error-prone contract review processes. Document Crunch continues to address these challenges, providing construction professionals with tools to review contracts efficiently and accurately.
Document Crunch has strategic partnerships already in place with major industry stakeholders including AXA XL, ELECTRI and IRMI, as well as key customers such as Balfour Beatty, The Boldt Company and The Haskell Company, already in place. A major focus of this Series A will center around Document Crunch bringing its technology deeper into projects as jointly announced with Procore in late 2023.
Document Crunch will become further knit to project management workflows which create risk around contract compliance for construction companies. It also opens the door for the company to begin using large language models (LLMs) on top of its unique data to automate certain jobs to be done for project teams and to provide predictive data and risk mitigation to bolster companies’ bottom lines.
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