Welcome to the 2024 Top 50 Venture & Investment Deals List!
The list highlights the top publicly disclosed private capital deals driving technology adoption in the built environment: venture capital (VC) funding rounds in the three Venture & Investments' technology categories (construction tech, building tech, and infrastructure tech), industry tech company mergers and acquisitions (M&A), and VC fund launches.
If you'd like your company to be featured on future top lists, check out our applications page for more information on how to apply!
The 2024 Top 50 Venture & Investment Deals List is part of our ongoing effort to provide industry-leading coverage and analysis on the built environment capital markets.
Recently, we released the 2024 Annual Venture & Investments Report, providing a point-in-time analysis of the industry's innovation economy and investment landscape. Members can view the report by using the links provided. If you are interested in joining our growing member network, email research@builtworlds.com or sales@builtworlds.com for more details, or use this link to learn more.
Join us at the 2025 Venture West Conference
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From April 8-10 in San Francisco, CA, industry stakeholders will converge to discuss technology investment and adoption. Join us for two days of information-packed sessions and networking by using the links to the right:
Category:
Construction Tech VC Deals
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1. Applied Intuition
Raise: $250 million | Series E | March 12
Lead Investor(s): Porsche Investments Management. Lux Capital
Other Investor(s): Andreessen Horowitz, General Catalyst, individuals
Headquarters: Mountain View, California, United States
Company Description: Provides AI-powered ADAS/AD software toolchain, vehicle platform, and autonomy stack for heavy construction vehicles.
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2. osapiens
Raise: $120 million | Series B | July 29
Lead Investor(s): Growth Equity at Goldman Sachs Alternatives
Other Investor(s): Armira Growth
Headquarters: Mannheim, Germany
Company Description: osapiens develops Software-as-a-Service solutions that uses AI to enable global companies from a wide range of industries (including construction) to benchmark ESG standards along the supply chain.
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3. Fingercheck
Raise: $115 million | Venture | October 30
Lead Investor(s): StepStone Group
Other Investor(s): Columbus Capital
Headquarters: New York, New York, United States
Company Description: Automated HR and payroll software with applications in the construction industry.
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4. Path Robotics
Raise: $100 million | Venture | October 15
Lead Investor(s): Matter Venture Partners, Drive Capital
Other Investor(s): Yamaha Ventures, Taiwania Capital, MediaTek, Catapult Ventures, Gaingels, Addition, Tiger Global, Basis Set
Headquarters: Columbus, Ohio, United States
Company Description: AI/ML-enabled welding robots to automate repetitive tasks on-site.
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5. Instagrid
Raise: $95 million | Series C | January 23
Lead Investor(s): Teachers’ Venture Growth
Other Investor(s): Morgan Stanley Investment Management’s (MSIM) 1GT, Energy Impact Partners, SET Ventures, blueworld.group, Hightech Gründerfonds
Headquarters: Ludwigsburg, Germany
Company Description: Portable energy generator for jobsites.
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6. HammerTech
Raise: $70 million | Growth Equity | July 16
Lead Investor(s): Riverwood Capital
Other Investor(s): N/A
Headquarters: Melbourne, Australia
Company Description: Built for construction, HammerTech’s safety intelligence software platform was created to improve worker safety and solve site efficiency challenges.
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7. Neustark
Raise: $69 million | Venture | June 24
Lead Investor(s): Decarbonization Partners
Other Investor(s): Blume Equity, Holcim, Siemens Financial Services, Verve Ventures, ACE Ventures
Headquarters: Berne, Switzerland
Company Description: Recycle construction and demolition waste for carbon sequestration.
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8. Prewave
Raise: $67 million | Series B | June 25
Lead Investor(s): Hedosophia
Other Investor(s): Creandum, Ventech, Kompas VC, Speedinvest, Working Capital Fund
Headquarters: Vienna, Austria
Company Description: ESG compliance, tracking, and reporting software for construction supply chains.
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9. Intenseye
Raise: $64 million | Series B | February 27
Lead Investor(s): Lightspeed Venture Partners
Other Investor(s): Insight Partners, Point Nine, Air Street Capital
Headquarters: New York, New York, United States
Company Description: Workforce safety and monitoring solution using AI-enabled computer vision.
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10. Higharc
Raise: $54 million | Series B | February 15
Lead Investor(s): Spark Capital, Pillar VC
Other Investor(s): SE Ventures, Fifth Wall, Starwood Capital, Standard Investments, Home Depot, Ferguson, Simpson Strong-Tie, Mulhern+Kulp Engineering, Suffolk Technologies, RXR Realty, PSP Growth, Metaprop, SC Masterfund, other individual investors
Headquarters: Raleigh-Durham, North Carolina, United States
Company Description: Cloud homebuilding project management platform providing tools for design, estimation, sales, and construction.
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11. GrayMatter Robotics
Raise: $45 million | Series B | April 10
Lead Investor(s): Wellington Management
Other Investor(s): NGP Capital, Euclidean Capital, Advance Venture Partners, SQN Venture Partners, and other existing investors 3M Ventures, B Capital, Bow Capital, Calibrate Ventures, OCA Ventures, Swift Ventures
Headquarters: Los Angeles, California, United States
Company Description: AI-enabled smart robots for surface treatment and finishing.
Category:
Building Tech VC Deals
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1. Scala Data Centers
Raise: $550 million | Venture | October 1
Lead Investor(s): Coatue Tactical Solutions
Other Investor(s): Investment Management Corporation of Ontario (IMCO)
Headquarters: Sao Paolo, Brazil
Company Description: Volumetric modular data center construction.
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2. Twelve
Raise: $200 million | Series C | September 19
Lead Investor(s): TPG, Capricorn Investment Group, Pulse Fund
Other Investor(s): Alaska Airlines, DCVC, Fifth Wall
Headquarters: San Francisco, California, United States
Company Description: Transforming CO2 into building and construction materials.
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3. 1KOMMA5°
Raise: €150 million | Pre-IPO | December 20
Lead Investor(s): G2 Venture Partners
Other Investor(s): 2150, Norrsken, Hamilton Lane, b2venture, Eurazeo, eCAPITAL, CalSTRS
Headquarters: Hamburg, Germany
Company Description: Clean energy systems for buildings and homes.
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4. Aira
Raise: €145 million | Series B | January 15
Lead Investor(s): Altor, Kinnevik, Temasek
Other Investor(s): Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments, Statkraft Ventures
Headquarters: Stockholm, Sweden
Company Description: Sustainable HVAC solutions for buildings and homes.
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5. Guesty
Raise: $130 million | Venture | April 10
Lead Investor(s): KKR
Other Investor(s): Inovia Capital, Apax, MSD, Sixth Street
Headquarters: Covina, California, United States
Company Description: Management platform for rental properties.
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6. Gropyus
Raise: $109 million | Venture | October 7
Lead Investor(s): Semapa, Practical Venture Capital
Other Investor(s): Not disclosed
Headquarters: Vienna, Austria
Company Description: Vertically-integrated modular apartment buildings that are net-zero and come equipped with a building operating system.
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7. Stonal
Raise: $108 million | Venture | May 7
Lead Investor(s): Aareon
Other Investor(s): Undisclosed
Headquarters: Paris, France
Company Description: Business intelligence and data management for real estate asset management.
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8. Redaptive
Raise: $100 million | Venture | October 28
Lead Investor(s): CPP Investments
Other Investor(s): Investissements RPC
Headquarters: Denver, Colorado, United States
Company Description: Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment in buildings.
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9. Watershed
Raise: $100 million | Series C | February 1
Lead Investor(s): Greenoaks
Other Investor(s): Sequoia Capital, Kleiner Perkins, Galvanize Climate Solutions
Headquarters: San Francisco, California, United States
Company Description: ESG compliance tracking and reporting software.
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10. Fortera
Raise: $85 million | Venture | August 20
Lead Investor(s): Khosla Ventures, Temasek
Other Investor(s): Wollemi Capital, NOVA by Saint-Gobain, Presidio Ventures, Alumni Ventures
Headquarters: San Jose, California, United States
Company Description: Manufacturing low-carbon cement.
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11. Sublime Systems
Raise: $75 million | Venture | September 18
Lead Investor(s): Holcim MAQER Ventures, CRH Ventures
Other Investor(s): N/A
Headquarters: Somerville, Massachusetts, United States
Company Description: Manufacturing low-carbon cement.
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12. Magnus Metal
Raise: $74 million | Series B | April 18
Lead Investor(s): Entrée Capital, Target Global
Other Investor(s): Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund, Essentia Venture Capital
Headquarters: Kibbutz Revadim, Israel
Company Description: Magnus Metal is re-inventing metal casting with its transformative Digital Casting Technology.
Category:
Infrastructure Tech VC Deals
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1. X-Energy Reactor Company
Raise: $500 million | Series C | October 16
Lead Investor(s): Amazon
Other Investor(s): Ares Management, NGP, University of Michigan
Headquarters: Rockville, Maryland, United States
Company Description: Utility-scale nuclear energy
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2. Ascend Elements
Raise: $460 million | Later-Stage | February 20
Lead Investor(s): Decarbonization Partners
Other Investor(s): Temasek, Qatar Investment Authority (QIA), Tenaska, Alliance Resource Partners, PULSE - CMA CGM Energy Fund, BHP Ventures, Fifth Wall, Hitachi Ventures, Mirae Asset, At One Ventures, Agave Partners, Alumni Ventures
Headquarters: Westborough, Massachusetts, United States
Company Description: Energy storage recycling and production solutions.
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3. Form Energy
Raise: $405 million | Series F | October 11
Lead Investor(s): T. Rowe Price
Other Investor(s): GE Vernova,TPG Rise Climate, Breakthrough Energy Ventures (BEV), Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners (EIP), MIT’s The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, VamosVentures
Headquarters: Somerville, Massachusetts, United States
Company Description: Energy storage manufacturing.
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4. Electra
Raise: $330 million | Venture | January 17
Lead Investor(s): PGGM
Other Investor(s): Bpifrance, Eurazeo, RIVE Private Investment, SNCF group, Serena
Headquarters: Paris, France
Company Description: EV charger production and distribution.
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5. Fervo Energy
Raise: $255 million | Series E | December 19
Lead Investor(s): Capricorn’s Technology Impact Fund II
Other Investor(s): Breakthrough Energy Ventures, CalSTRS, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Galvanize Climate Solutions, Liberty Mutual Investments, Mercuria, Sabanci Climate Ventures
Headquarters: Houston, Texas, United States
Company Description: Utility-scale geothermal energy production.
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6. Sunfire
Raise: $230 million | Series E | March 5
Lead Investor(s): LGT Private Banking
Other Investor(s): GIC, Ahren Innovation Capital, Carbon Equity, Lightrock, Planet First Partners, Carbon Direct Capital, the Amazon Climate Pledge Fund, Blue Earth Capital
Headquarters: Dresden, Germany
Company Description: Distributed clean energy solutions for the urban grid.
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7. NineDot Energy
Raise: $225 million | Venture | January 10
Lead Investor(s): Manulife Investment Management, Carlyle
Other Investor(s): N/A
Headquarters: New York, New York, United States
Company Description: Utility-scale nuclear energy
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8. Iceye
Raise: $158 million | Growth | December 18
Lead Investor(s): Solidium O
Other Investor(s): BlackRock, Seraphim, Plio Limited
Headquarters: Helsinki, Finland
Company Description: Satellite GIS/mapping.
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9. Nscale
Raise: $155 million | Series A | December 19
Lead Investor(s): Sandton Capital Partners
Other Investor(s): Kestrel, Bluesky Asset Management, Florence Capital
Headquarters: London, England, United Kingdom
Company Description: Data center construction and renewable energy.
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10. Antora Energy
Raise: $150 million | Series B | February 23
Lead Investor(s): Decarbonization Partners
Other Investor(s): Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources, Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, Grok Ventures
Headquarters: Sunnyvale, California, United States
Company Description: Geothermal energy for industrial applications.
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11. Flo EV Charging
Raise: $136 million | Series E | July 14
Lead Investor(s): Export Development Canada
Other Investor(s): Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), Business Development Bank of Canada (BDC), Energy Impact Partners (EIP) MacKinnon, Bennett & Company Inc. (MKB)
Headquarters: Quebec City, Quebec, Canada
Company Description: EV charging ecosystem for single-family houses and multi-unit residential buildings, as well as access to thousands of public charging stations across Canada.
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12. Tokamak Energy
Raise: $125 million | Venture | November 20
Lead Investor(s): East X Ventures, Lingotto Investment Management
Other Investor(s): Furukawa Electric Company, British Patient Capital, BW Group, Sabanci Climate Ventures
Headquarters: Milton, England, United Kingdom
Company Description: Tokamak Energy develops fusion technology and high-temperature superconducting magnets to deliver clean, limitless, and affordable fusion energy in the 2030s.
Category:
Technology M&A Deals
Note: this section highlights only M&A or majority recapitalization transactions that publicly disclosed an enterprise value. The vast majority of 2024 M&A activity did not disclose an enterprise value.
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Acquired by
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Matterport Acquired by CoStar
Valuation: $1.6 billion
Date: April 22
Description: CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, acquires all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share reflecting an estimated $1.6 billion of enterprise value.
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Acquired by
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GoCanvas Acquired by the Nemetschek Group
Valuation: $700 million
Date: June 6
Description: The Nemetschek Group acquired all shares of GoCanvas for around a 11.5x multiple on 2023 ARR of $67M, or over $700 million. This strategic acquisition aligns with Nemetschek’s mission to enhance its Build Segment, which offers subscription and SaaS products designed to simplify customers’ jobs and integrate seamlessly with other AEC/O solutions and platforms.
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Receives Majority Investment from
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JobNimbus Receives Majority Investment from Sumeru Equity Partners
Valuation: $330 million
Date: November 13
Description: JobNimbus, a game-changing SaaS provider for the roofing industry, announced a $330 million growth investment from Sumeru Equity Partners. The investment represents a majority recapitalization.
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Acquired by
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Itus Digital Acquired by Hexagon
Valuation: $95.6 million
Date: April 4
Description: Hexagon, a global leader in digital reality solutions, combining sensor, software and autonomous technologies, acquired Itus Digital, a Roanoke, Virginia-based provider of asset performance management (APM) software.
Category:
VC/CVC Fund Launches
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1. DCVC, Climate Fund I
Fund Size: $700 million
Date: September 30
Notable LPs: New Mexico State Investment Council. Other investors undisclosed.
Headquarters: Palo Alto, California, United States
Fund Description: The fund focuses on commercializing emerging climate tech solutions to catalyze meaningful improvements to established value chains, decarbonize high emitting industries, hasten the energy transition, and contribute to mitigation and adaptation efforts.
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2. Innovation Endeavors, Fund V
Raise: $630 million
Date: January 25
Headquarters: Palo Alto, California, United States
Fund Description: The fund furthers Innovation Endeavors core strategy of investing in technical founders solving hard engineering and science problems to rethink large industries and solve problems that matter. The fund is especially dedicated to what the firm defines as "the physical economy."
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3. World Fund, Fund I
Raise: €300 million
Date: March 22
Notable LPs: European Investment Fund (EIF), KfW Capital, Wachstumsfonds, Bpifrance, PwC Germany, NRW.BANK, Ignitis Group, UK Environment Agency Pension Fund, Wiltshire Pension Fund, Croatia's Erste Plavi, Ecosia (Europe's largest independent search engine)
Headquarters: Berlin, Germany
Company Description: World Fund is a climate tech VC investing in technologies with scalable businesses and significant emissions savings potential. The firm supports startups from early to growth stage, focusing on Energy, Food and Agriculture, Manufacturing, Buildings, and Mobility.
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4. AlleyCorp, Fund III
Raise: $250 million
Date: April 15
Headquarters: New York, New York, United States
Fund Description: AlleyCorp builds and invests in transformative companies for the present and future in New York. While AlleyCorp has a more generalist mandate, robotics is a core piece of the firm's thesis and they have invested in several built environment robotics startups.
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5. Moderne Ventures, Fund III
Raise: $230 million
Date: September 16
Notable LPs: GCM Grosvenor, Illinois Growth and Innovation Fund, AvalonBay, Essent, other leading global real estate companies
Headquarters: Chicago, Illinois, United States
Fund Description: Moderne Ventures is a generalist VC and growth equity firm with vertical specialties spanning multi trillion-dollar industries of real estate, finance, insurance and sustainability.
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6. Blackhorn Ventures, Industrial Impact Fund II
Fund Size: $150 million
Date: June 26
Notable LPs: Jonathan Rose, Goldbeck GmbH, Simpson Strong-Tie, Grantham Foundation for the Protection of the Environment, Mitsubishi Electric, Westlake Corporation, Mercuria Energy
Headquarters: Denver, Colorado, United States
Fund Description: The fund's focus is seed and Series A stage investments into capital-efficient software solutions, vertical SaaS companies, and AI applications that address the urgent need for industrial resource efficiency and decarbonization at scale. The firm is focused on the energy, transportation, supply chain logistics, real estate, and construction sectors.
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7. SC Net Zero Ventures, Fund I
Raise: €125 million
Date: June 6
Headquarters: Madrid, Spain
Fund Description: Managed by an independent team combining Suma Capital's ESG investment experience and Repsol's venture capital and energy transition technology expertise, the fund will invest in low-carbon mobility, industrial decarbonization, and renewable energy sources.
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8. Foundamental, Fund III
Raise: $120 million, estimated
Date: September 6
Headquarters: Berlin, Germany
Company Description: Fund III will continue the firm's strategy of investing at the pre-seed and seed stages in companies across the construction, supply chain/logistics, workforce, and design industries.
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9. Ironspring Ventures, Fund II
Raise: $100 million
Date: June 27
Headquarters: Austin, Texas, United States
Fund Description: Ironspring invests in early-stage industrial-focused startups, across the construction technology, manufacturing, transportation, and energy industries. The firm targets investments at the seed stage and targets companies addressing the pain points of high material prices, labor shortages, infrastructure issues, and supply chain problems.
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10. Era Ventures, Fund I
Raise: $88 million
Date: September 19
Notable LPs: New York Presbyterian Hospital, Continental General Insurance Company, Bain Capital Ventures, Fenwick & West, ICG Advisors, The Ashforth Company, BentallGreenOak (BGO), First American, unnamed Ivy League Endowment
Headquarters: New York, New York, United States
Fund Description: Era Ventures invests in SaaS, AI, marketplaces, embedded fintech, and HardTech startups aiming to fundamentally disrupt the built environment. The firm invests from the seed to Series B stages and writes checks averaging from $3 to $5 million in size.
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11. Prudence, Fund III
Fund Size: $80 million
Date: March 7
Headquarters: New York, New York, United States
Fund Description: Prudence invests in early-stage (seed to Series B) technology companies transforming the construction, real estate, infrastructure, and energy sectors. The fund is seeking startups offering advanced software solutions, data infrastructure, and AI applications for the built environment.
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12. Zacua Ventures, Fund I
Raise: $56 million
Date: February 27
Headquarters: Burlingame, California, United States
Notable LPs: Procore, Volvo, Cemex, and others.
Fund Description: Zacua is investing in early-stage technology companies in the construction industry tackling the industry problems of productivity, sustainability, and urbanization. The firm invests across North America, Europe, and Asia in sustainability-minded startups.
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