Welcome to the 2025 Top 50 Venture & Investment Deals List!
This list spotlights the most significant publicly announced venture capital deals accelerating technology adoption across the built environment. It features leading venture capital (VC) funding rounds across three key tech sectors: construction tech, building tech, and infrastructure tech, as well as notable mergers and acquisitions (M&A) among industry technology companies.
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Category:
Construction Tech VC Deals
1. Applied Intuition
Raise: $600 million | Series F | June 2025
Lead Investor(s): Blackrock, Kleiner Perkins
Other Investor(s): Fidelity Management & Research Company, General Catalyst, Lux, BOND, Elad Gil, Addition, Tribe Capital, Franklin Templeton, Qatar Investment Authority, Abu Dhabi Investment Council, Premji Invest, Stripes, Greycroft, BAM Elevate, 137 Ventures
Headquarters: Mountain View, California, USA
Company Description: Provides AI-powered ADAS/AD software toolchain, vehicle platform, and autonomy stack for heavy construction vehicles.
2. Apptronik
Raise: $350 million & $53 million | Series A & Series A+ | February & March 2025
Lead Investor(s): B Capital, Capital Factory
Other Investor(s): Google (GV), Mercedes‑Benz, Japan Post Capital, ARK Invest, Helium‑3, Magnetar, RyderVentures, Korea Investment Partners, others
Headquarters: Austin, Texas, USA
Company Description: Humanoid and industrial robots for logistics, manufacturing, and other physical work.
3. FieldAI
Raise: $314 million | Venture | August 2025
Lead Investor(s):Â Bezos Expeditions, Prysm, Temasek
Other Investor(s): Khosla Ventures, Nvidia’s NVentures, Intel Capital, Canaan Partners, Gates Frontier, BHP Ventures, Emerson Collective, others
Headquarters:Â Irvine, California, USA
Company Description: Autonomy platform using AI for off‑road and industrial robots in harsh environments.
4. Quantum Systems
Raise: $186 million & $214 million (converted from Euros) | Series C & Series C+ | May & December 2025
Lead Investor(s):Â Balderton Capital.
Other Investor(s): Hensoldt, Airbus Defence and Space, Bullhound Capital, LP&E AG, HV Capital, Project A, Peter Thiel, DTCP, Omnes Capital, Airbus Ventures, Porsche SE, Notion
Headquarters:Â Munich, Germany
Company Description: Fixed‑wing VTOL drone systems for mapping and intelligence missions.
5. Motive
Raise: $150 million | Venture | July 2025
Lead Investor(s): Kleiner Perkins
Other Investor(s): AllianceBernstein , others
Headquarters:Â San Francisco, California, USA
Company Description: AI‑powered fleet and equipment management platform for the physical economy.
6. MaintainX
Raise: $150 million | Series D | July 2025
Lead Investor(s):
Other Investor(s):
Headquarters:Â San Francisco, California, USA
Company Description: Mobile‑first CMMS for maintenance, work orders, and asset management.
7. BuildOps
Raise: $127 million | Series C | March 2025
Lead Investor(s): Meritech Capital Partners
Other Investor(s): OND Capital, SE Ventures, Fika Ventures, Next47, StepStone Group, Titanium Ventures, 01A, Founders Fund, B Capital, 137 Ventures, Liquid2
Headquarters:Â Santa Monica, California, USA
Company Description:Â Field service and project management software for commercial MEP contractors.
8. Aegis Energy
Raise: $123 million | Venture | January 2025
Lead Investor(s):Â Quinbrook Infrastructure Partners
Other Investor(s):Â N/A
Headquarters:Â London, United Kingdom
Company Description: Developer of clean multi‑energy refueling hubs for commercial vehicle fleets.
9. Netradyne
Raise: $90 million | Series D | January 2025
Lead Investor(s): Point72 Private Investments
Other Investor(s): Qualcomm Ventures, Pavilion Capital
Headquarters:Â San Diego, California, USA
Company Description: AI‑powered driver safety and dash‑cam platform for commercial vehicle fleets.
10. Bedrock Robotics
Raise: $80 million | Series A | July 2025
Lead Investor(s): 8VC, Eclipse
Other Investor(s): Two Sigma Ventures, Valor Equity Partners, NVentures (Nvidia’s venture capital arm), Crossbeam Venture Partners, Raine Group, Tishman Speyer, Atreides Management, Al Rajhi Partners, Samsara Ventures
Headquarters: San Francisco, California, USA
Company Description: Retrofits construction equipment with autonomous systems for earthmoving.
11. Amogy
Raise: $56 million | Venture | January 2025
Lead Investor(s): Aramco Ventures, SV Investment
Other Investor(s): Samsung Heavy Industries, BHP Ventures, Hanwha Investment & Securities, AFW Partners, Quantum Ventures Korea, Kibo Invest, Seoul IP, Temasek, MOL Switch, Yanmar Ventures, AP Ventures, Marunouchi Innovation Partners
Headquarters: New York, New York, USA
Company Description: Ammonia‑based clean energy systems / equipment fuel alternative for heavy transport and industrial applications.
12. PermitFlow
Raise: $54 million | Series B | December 2025
Lead Investor(s): Accel
Other Investor(s): Kleiner Perkins, Felicis, Initialized Capital, Altos Ventures, Y Combinator, existing investors.
Headquarters: San Jose, California, USA
Company Description:Â Software that automates permitting workflows for construction projects.
13. AIM
Raise: $50 million | Venture | June 2025
Lead Investor(s):Â Khosla Ventures
Other Investor(s): General Catalyst, Human Capital, Ironspring Ventures, Mantis, DCVC, Elad Gil, others
Headquarters:Â Seattle, Washington, USA
Company Description:Â Retrofits heavy machinery with autonomy for construction and mining.
14. Swift Navigation
Raise: $50 million | Series E | July 2025
Lead Investor(s): Crosslink Capital
Other Investor(s): NEA, Eclipse Ventures, EPIQ Capital Group, First Round Capital, TELUS Global Ventures, Potentum Partners, Niterra Ventures, AlTi Tiedemann Global, GRIDS Capital, Essentia Ventures, Shea Ventures, EnerTech Capital
Headquarters: San Francisco, California, USA
Company Description: High‑precision GNSS positioning to enable autonomy for vehicles and machinery.
15. FieldPulse
Raise: $50 million | Series C | August 2025
Lead Investor(s): Fulcrum Equity Partners
Other Investor(s): Catalyst Investors
Headquarters: Dallas, Texas, USA
Company Description:Â Field service management software for trades contractors.
Category:
Building Tech VC Deals
1. EliseAI
Raise: $250 million | Series E | August 2025
Lead Investor(s): Andreessen Horowitz (a16z)
Other Investor(s):Â Bessemer Venture Partners, Sapphire Ventures, Navitas Capital
Headquarters: New York, New York, USA
Company Description: Agentic AI platform automating leasing and resident operations for housing providers.
2. Bilt
Raise: $250 million | Venture | July 2025
Lead Investor(s): General Catalyst, GID
Other Investor(s): United Wholesale Mortgage (UWM)
Headquarters: New York, New York, USA
Company Description: Housing and neighborhood commerce platform that rewards members on rent and daily spend.
3. Entrata
Raise: $200 million | Venture | May 2025
Lead Investor(s):Â Blackstone
Other Investor(s):Â N/A
Headquarters: Lehi, Utah, USA
Company Description: Property management software platform for leasing, accounting, and resident services.
4. Verkada
Raise: $200 million | Series E | February 2025
Lead Investor(s):Â General Catalyst
Other Investor(s): Eclipse, others
Headquarters: San Mateo, California, USA
Company Description:Â Cloud-based physical security platform for cameras, access control, and building safety.
5. 1KOMMA5°
Raise: $176 million | Pre-IPO | July 2025
Lead Investor(s):Â N/A
Other Investor(s):Â Sabanci Climate Ventures, Hamilton Lane, CalSTRS, Porsche Ventures, Eurazeo, G2VP
Headquarters: Hamburg, Germany
Company Description: Integrated residential decarbonization platform for solar, heat pumps, storage, and EV charging.
6. Aira
Raise: $174 million | Venture | August 2025
Lead Investor(s):Â N/A
Other Investor(s): Altor, Kallskär, Kinnevik, Lingotto, Temasek
Headquarters: Stockholm, Sweden
Company Description: Residential clean-energy company providing intelligent heat pump systems.
7. Enpal
Raise: $125 million | Venture | April 2025
Lead Investor(s):Â TPG
Other Investor(s): Westly Group, Ontario Power Generation’s pension fund, others
Headquarters: Berlin, Germany
Company Description: Residential solar and energy solutions provider offering rooftop PV and related services.
8. Terra CO2
Raise: $82 million & $125 million | Series B & Series B+ | February & July 2025
Lead Investor(s):Â Breakthrough Energy Ventures, Eagle Materials, GenZero, Just Climate
Other Investor(s):Â Barclays Climate Ventures, Cemex, Prologis, Siemens Financial Services
Headquarters: Golden, Colorado, USA
Company Description: Low‑carbon cement and supplementary cementitious materials technology company.
9. Infra.Market
Raise: $120 million & $83 million | Venture & Series G | January & September 2025
Lead Investor(s): Tiger Global
Other Investor(s): Evolvence, Foundamental, others
Headquarters: Thane (Mumbai region), India
Company Description: Construction materials procurement platform and marketplace for contractors and developers.
10. Flow
Raise: $100 million | Series B | May 2025
Lead Investor(s): Andreessen Horowitz (a16z)
Other Investor(s): others
Headquarters:Â Bay Harbor Islands, Florida, USA
Company Description: Residential real estate platform focused on modern rental communities and services.
11. Domna
Raise: $87 million | Venture | January 2025
Lead Investor(s):Â Leon Capital
Other Investor(s):
Headquarters: London, United Kingdom
Company Description: Home energy-efficiency retrofit platform for landlords and housing associations.
12. Augury
Raise: $75 million | Venture | February 2025
Lead Investor(s): Lightrock
Other Investor(s): Insight Partners, Eclipse, Qumra Capital, Schneider Electric Ventures (SE Ventures), La Maison Partners, Qualcomm Ventures
Headquarters: New York, New York, USA
Company Description: AI‑driven machine health platform helping steel and cement producers improve reliability and quality of building materials.
13. Mews
Raise: $75 million | Venture | March 2025
Lead Investor(s): Tiger Global
Other Investor(s):Kinnevik, Battery Ventures, Goldman Sach s
Headquarters: Amsterdam, Netherlands
Company Description: Hospitality cloud platform to manage hotel operations and guest experience.
14. PassiveLogic
Raise: $74 million | Series C | September 2025
Lead Investor(s): noa
Other Investor(s): Prologis Ventures, Johnson Controls, PSP Growth, Addition, NVentures (NVIDIA), Keyframe, Brookfield
Headquarters: Salt Lake City, Utah, USA
Company Description: Autonomous building control platform using AI to optimize building operations.
15. Pacaso
Raise: $73 million | Venture | October 2025
Lead Investor(s): N/A
Other Investor(s): N/A
Headquarters: San Francisco, California, USA
Company Description: Tech-enabled marketplace for buying, co-owning, and selling luxury second homes.
Category:
Infrastructure Tech VC Deals
1. Base Power
Raise: $200 million & $1 billion | Series B & Series C | April & October 2025
Lead Investor(s): Addition
Other Investor(s): Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz,Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, Waybury, Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, 1789
Headquarters: Austin, Texas, USA
Company Description: Residential battery utility deploying large home batteries as grid-scale energy storage.
2. 5C
Raise: $835 million (unknown split of equity and debt) | Venture | July 2025
Lead Investor(s): Brookfield, Deutsche Bank (debt portion)
Other Investor(s):
Headquarters: Montreal, Quebec, Canada
Company Description: AI-optimized data center platform providing high-density digital infrastructure for AI workloads.
3. X-Energy Reactor Company
Raise: $700 million & $700 million | Series C & Series D | February & November 2025
Lead Investor(s):Â Jane Street
Other Investor(s):Â ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures, Ares Management funds, Corner Capital, Emerson Collective, NGP, Segra Capital Management, others
Headquarters: Rockville, Maryland, USA
Company Description: Advanced nuclear developer building modular high-temperature gas-cooled reactors and fuel.
4. Takanock
Raise: $500 million | Venture | June 2025
Lead Investor(s): ArcLight, DigitalBridge
Other Investor(s): N/A
Headquarters: Traverse City, Michigan, USA
Company Description: Develops powered data center campuses with dedicated on‑site generation for hyperscale customers
5. Fervo Energy
Raise: $462 million | Series E | December 2025
Lead Investor(s): B Capital
Other Investor(s): AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co., Breakthrough Energy Ventures, CalSTRS, Capricorn Investment Group, Centaurus Capital, Congruent Ventures, CPP Investments, DCVC, Devon Energy, Echelon, Galvanize, Impact Science Ventures, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, Mitsubishi Heavy Industries, Sabanci Climate Ventures
Headquarters: Houston, Texas, United States
Company Description: Utility-scale geothermal energy production.
6. Mainspring Energy
Raise: $258 million | Series F | April 2025
Lead Investor(s): General Catalyst
Other Investor(s):Amazon's Climate Pledge Fund, DCVC, Temasek, Marunouchi Innovation Partners, M&G Investments, Pictet Group, Lightrock, LGT Bank, Khosla Ventures, and Gates Frontier, others
Headquarters: Menlo Park, California, USA
Company Description: Linear generator technology providing flexible, dispatchable distributed power for the grid.
7. VEMO
Raise: $250 million | Venture | September 2025
Lead Investor(s): Vision Ridge Partners
Other Investor(s):Â Others
Headquarters: Mexico City, Mexico
Company Description: Clean‑mobility platform providing EV fleets, charging infrastructure, and software.
8. Hydrostor
Raise: $200 million | Venture | February 2025
Lead Investor(s): Canada Growth Fund Inc.
Other Investor(s): Goldman Sachs, Canada Pension Plan Investment Board (CPP Investments)
Headquarters:Â Toronto, Ontario, Canada
Company Description: Long‑duration energy storage developer using advanced compressed‑air systems.
9. TAE Technologies
Raise: $150 million | Venture | June 2025
Lead Investor(s): N/A
Other Investor(s): Chevron, Google, NEA, others
Headquarters: Foothill Ranch, California, USA
Company Description: Fusion energy and power‑solutions company developing advanced plasma and grid technologies.
10. Xoople
Raise: $133 million | Venture | May 2025
Lead Investor(s): N/A
Other Investor(s): Centre for the Development of Industrial Technology (CDTI), AXIS
Headquarters:Â Barcelona, Spain
Company Description: Geospatial and AI platform digitizing underground utilities and infrastructure for planning.
11. Terabase
Raise: $130 million | Series C | March 2025
Lead Investor(s): SoftBank
Other Investor(s): N/A
Headquarters: Emeryville, California, USA
Company Description: Software and automation platform to design and build utility‑scale solar plants.
12. Gecko Robotics
Raise: $125 million | Series D | June 2025
Lead Investor(s): Cox Enterprises
Other Investor(s): USIT, XN, Founders Fund, Y Combinator
Headquarters: Pittsburgh, Pennsylvania, USA
Company Description: Wall‑climbing inspection robots and analytics to monitor critical infrastructure asset health.
13. Aalo Atomics
Raise: $100 million | Series B | August 2025
Lead Investor(s):Â Valor Equity Partners, Fine Structure Ventures
Other Investor(s): Hitachi Ventures, Crosscut, NRG Energy, Vamos Ventures, Tishman Speyer, Kindred Ventures, 50Y, Harpoon Ventures, Crescent Enterprises, Alumni Ventures, MCJ, Gaingels, Perpetual VC, Nucleation Capital, others
Headquarters: San Francisco, California, USA
Company Description: Micro‑modular nuclear reactors designed to power AI data centers and dense loads.
14. Last Energy
Raise: $100 million | Series C | December 2025
Lead Investor(s): Astera Institute, AE Ventures
Other Investor(s): Galaxy Fund, Gigafund, JAM Fund, The Haskell Company, Ultranative, Woori Technology Investment Co., others
Headquarters: Washington, D.C., USA
Company Description: Micro‑nuclear power plants using standardized modular reactors with long‑term PPAs.
15. Exodigo
Raise: $96 million | Series B | July 2025
Lead Investor(s): Zeev Ventures, Greenfield Partners
Other Investor(s): 10D VC, Square Peg, JIBE, Vintage Investment Partners, Leblon Capital
Headquarters:Â Palo Alto, California, USA
Company Description: Multi‑sensor and AI underground mapping platform locating subsurface utilities for infra projects.
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.
Acquired by
Foundation Building Materials Acquired by Lowe's
Valuation: $8.8 billion
Date Announced: August 2025
Description: Lowe’s Companies, Inc., a leading U.S. home improvement retailer, agreed to acquire Foundation Building Materials, a North American distributor of interior building products, in a transaction valued at approximately $8.8 billion to expand its professional contractor distribution footprint.
Acquired by
GMS Inc. Acquired by The Home Depot
Valuation: $5.5 billion
Date: July 2025
Description: The Home Depot, Inc., the world’s largest home improvement retailer, through its specialty trade distribution subsidiary SRS Distribution, agreed to acquire GMS Inc., a leading North American specialty building products distributor, in a cash transaction valued at approximately $5.5 billion in enterprise value to strengthen its distribution capabilities for professional contractors.
Acquired by
Xella Acquired by Holcim
Valuation: €1.85 billion (~$2.2 billion)
Date: October 2025
Description: Holcim Ltd., a global leader in innovative and sustainable building solutions, agreed to acquire Xella Group, a European provider of walling and insulation systems, from Lone Star Funds in a transaction valued at approximately €1.85 billion (about $2.2 billion) to expand its higher‑margin building solutions portfolio and strengthen its position in the European refurbishment and walling markets.
Acquired by
Eco Material Technologies Acquired by CRH
Valuation: $2.1 billion
Date: July 2025
Description: CRH, a leading global provider of building materials, agreed to acquire Eco Material Technologies, North America’s leading independent supplier of supplementary cementitious materials, in an all‑cash transaction valued at approximately $2.1 billion to strengthen its sustainable cement and concrete solutions portfolio and secure long‑term SCM supply.
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