SAN FRANCISCO, May 13, 2015 /PRNewswire/ -- PlanGrid, the leader in construction field enablement software, today announced that it has partnered with Sequoia Capital and raised $18 million in series A financing to help fuel the platform's exceptional growth. This investment also brings Sequoia partner Doug Leone to the PlanGrid board of directors.
"Despite significant gains driven by technology over the past decades, construction is the one industry that has continued to see a decline in productivity. The industry has lacked a platform that could provide the flexibility and user experience of modern applications. Since filling the void with PlanGrid, we've seen rapid adoption within the industry, adding hundreds of new customers each month," said Tracy Young, co-founder and CEO of PlanGrid. "This investment will allow us to significantly increase our growth and provide more value to our customer base."
Most construction teams carry around dozens of blueprints and other construction documents, totalling thousands of pages. Pages require manual replacement by hand each time a change is made, which can result in long delays and cost overruns. PlanGrid consolidates all construction information onto a tablet or smartphone, which empowers engineers, contractors, field workers, and architects to collaborate and efficiently manage projects. Users can access and edit the latest drawings on the go and directly communicate with each other from anywhere, helping to ensure projects are built on schedule and under budget.
In just three years, PlanGrid's construction collaboration platform has become the world's largest digital blueprint repository, with more than 20 million blueprints managed in its cloud-based platform. PlanGrid is used by more than 10,000 customers, including construction firms like Clark Builders Group, Power Designs, and Structure Tone, as well as building owners like Nordstrom, Tishman Speyer, and Sutter Health, and is used to manage more than 200,000 construction projects worldwide.
"We believe there's going to be a new generation of successful SaaS companies that are targeted at specific industries," said Sequoia's Doug Leone. "Tracy and her team have built the new clear software leader in the construction industry, which represents an incredibly large market that can't adopt PlanGrid's solution fast enough."
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PlanGrid is construction software made for the field. Its platform is being used by major construction firms on more than 200,000 projects and is storing more than 20 million pages of digital blueprints. PlanGrid is a cloud-based construction document collaboration platform that allows plans and markups to be instantaneously shared with everyone on a construction project, no matter where they are. It lets contractors and architects collaborate from their desktop or mobile devices across all their project plans, specs, photos, RFIs and punchlists. The company emerged from Y Combinator in 2012 and has since secured initial funding from Sequoia Capital, Box, 500 Startups, Y Combinator, Navitas Capital, Google Ventures, Sam Altman, Paul Bucheit, David Sacks, and Professor Raymond Levitt.
The Sequoia team helps a small number of daring founders build legendary companies. We spur them to push the boundaries of what's possible. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we've learned over 40 years working with Steve Jobs, Larry Ellison, John Morgridge, Jerry Yang, Elon Musk, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko and Jack Dorsey, among many others. In aggregate, Sequoia-backed companies account for more than 20 percent of NASDAQ's total value. We're proud that their success also fuels great causes: since 2000 alone we have returned more than $10 billion to nonprofits like the Ford Foundation, Mayo Clinic and MIT.