Ediphi, a leading provider of cloud-based estimating solutions, announced today the successful closure of its Series A funding round, securing $12 million in investment. The round was spearheaded by Norwest Venture Partners, marking a significant milestone for the company’s growth trajectory.
Building upon its previous success with a $6.5 million seed funding round led by Suffolk Technologies in November 2023, Ediphi plans to utilize the newly acquired capital to bolster its team, fuel research and development initiatives, and expand its market presence within the construction industry.
Sean Jacobsohn, Partner at Norwest, emphasized the transformative potential of Ediphi’s cloud-native solution in revolutionizing preconstruction processes. With an aim to disrupt the prevailing reliance on legacy on-premise solutions, Ediphi offers contractors a streamlined alternative that significantly reduces time and costs while enhancing accuracy, scalability, and collaboration.
Central to Ediphi’s value proposition is its cloud-based estimating solution, which leverages a robust database of scope and historical cost data to generate informative estimates with minimal project inputs. This enables contractors to initiate preconstruction activities swiftly, from pricing initial concepts to refining details as projects evolve.
Dustin DeVan, CEO of Ediphi, reiterated the company’s commitment to empowering those shaping the built environment. Drawing from his extensive experience as a general contractor, DeVan emphasized the importance of transitioning towards modern cloud infrastructures to meet the evolving demands of the industry.
Ediphi’s leadership team, including co-founder and CTO Michael Navarro, brings decades of collective experience in preconstruction and operations, further solidifying the company’s position as an industry leader.
About Ediphi:
Ediphi offers the most advanced cloud-based estimating software tailored for the construction industry. By streamlining preconstruction processes and facilitating better decision-making, Ediphi empowers contractors to consistently deliver projects that meet target value designs efficiently. Leveraging cloud infrastructure, Ediphi ensures seamless data accessibility across workflows, enabling contractors to reduce costs and accelerate project timelines.
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By Proptechbuzz
By Ravi Kumar