BuiltWorlds member Togal recently announced that it has raised $5 million in a pre-Series A SAFE round with a $50 million valuation cap. The funding was led by Tampa, Florida-based venture capital firmFlorida Funders, along with a roster of new and existing investors, including executives from Facebook parent Meta and Goldman Sachs. Togal uses deep machine learning to help contractors with the bidding process. The software detects and measures project spaces in seconds with 97% accuracy. Togal counts DPR, Clark Construction and Total Flooring among its clients.
Togal was founded by Patrick Murphy, the firm’s CEO, who represented Florida’s 18th district in Congress from 2013 to 2017 and is also CEO of Miami-based Coastal Construction, a large general contractor in Florida and the Southeast. Coastal was named the first-place winner of the 2023 AGC Construction Innovation Award for its use of Togal to expedite and improve its bidding process.
“Growing up in a family construction business, I learned estimating from my grandfather 25 years ago,” Murphy stated. “We used rulers, rollers, highlighters and a calculator to perform take-offs. Then the industry moved to computers, where we manually used a mouse to measure each space.” But now, he said, increased technology adoption and the COVID-19pandemic have rapidly changed that landscape. “It’s beyond exciting to now bring AI to the industry. Construction is at an inflection point and I believe the next decade will be transformative,” Murphy said in the release. “The pandemic accelerated the acceptance of new methodologies and the technology has finally caught up to drive better results, higher quality and faster deliveries, all at a better price.”
Patrick will be speaking this Summer at our 2023 BuiltWorlds Construction Tech Conference on the panel Case Study: Improving Your Subcontracting Efforts. Our Construction Tech Conference is intended to look holistically at how technology is influencing the way we build – from pre-construction through construction functions, in the office as well as in the field. Leading technology adopters, mature solution providers, and upcoming technology solutions gather each year to take the pulse of trends across the industry at the BuiltWorlds Construction Tech Conference.
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