FieldLens Raises $8 Million in Series A Round Led By OpenView Venture Partners Funding Will Accelerate Development and Adoption of Leading Mobile Field Management Tool
NEW YORK, May 8, 2014 /PRNewswire/ -- FieldLens, a mobile field management tool for the construction industry, today announced that it has raised $8 million in capital in a Series A round led by OpenView Venture Partners. The financing will help FieldLens accelerate product adoption while continuing to develop valuable new features for its users.
"OpenView invests in B2B software companies that we believe can dramatically influence profitability and efficiency of particular market segments," said OpenView Founder and Senior Managing Director Scott Maxwell. "That's why we are excited to partner with FieldLens, a company that's bringing a game-changing solution to the construction industry – a massive market that's only beginning to benefit from the efficiencies that come with access to better technology."
Launched commercially in March 2014, FieldLens is a mobile field management app designed to help construction professionals effectively document, assign and manage jobsite issues online using any smartphone, tablet or the Web. It is the first and only tool to bring the best of social media technologies to the construction industry and enables entire project teams to instantly connect and collaborate with one another using a robust system that matches the real-world workflows and needs of construction projects.
Everyone on the jobsite, from subcontractors and general contractors to designers and owners, can use FieldLens for streamlined communication and collaboration in the field.
CEO Doug Chambers developed the idea for FieldLens after working as a construction project manager for more than a decade on projects of all sizes, including high-profile sites like the New York Times Building and 4 World Trade Center. Chambers witnessed first-hand how project teams struggled because they didn't have the proper technology, and he realized the construction industry needed a powerful tool that connects project teams as simply and intuitively as popular social media platforms do.
"Our partnership with OpenView is a crucial step toward helping us achieve our goal of providing construction professionals with a mobile solution that will optimize efficiency where it's needed most – right on the jobsite," said Chambers. "All construction professionals, no matter what their role on the project team, have incredibly demanding jobs. They deserve access to technology that will make their day-to-day easier, and we are now poised to provide them with a tool that will truly serve their needs."
The financing will help FieldLens accelerate product adoption while continuing to develop valuable new features for users. A major emphasis will be placed on developing virtual onboarding and coaching tools for customers, along with providing resources focusing on best practices to maximize productivity on the jobsite. Forthcoming product features will include analytics tools to help customers better understand the overall health of their projects and evaluate effectiveness of project partners, along with tools specifically designed to help trade subcontractors build more efficiently.
The investment round also includes participation from existing investors including Softbank Capital, High Peaks Venture Partners, Lerer Ventures, Contour Venture Partners, Borealis Ventures, and NYC Seed.
FieldLens helps every member of the construction industry – including subcontractors, general contractors, designers and owners – communicate more effectively so that they can spend less time managing information and more time building better. To learn more visit http://fieldlens.com.
About OpenView Venture Partners
OpenView Venture Partners (www.openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management.
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Kelly Lignos Ziv