Data Analytics company Toric announced today that it has raised $16M, led by Leaders Fund and Storm Ventures, with participation from industry-leading angels, including Carl Bass (CEO of Autodesk 2006-2017 and Toric board member), Ralph Gootee (PlanGrid co-founder), and Chris Lynch (Chairman of Data Robot).
Real Ventures, Global Founders Capital, Pathbreaker Ventures, Garage Capital, and Union Capital also participated in the funding.
A recent study estimated that bad data cost the construction industry $1.84T, resulting in $88.89B in avoidable rework in 2020. This inefficiency is because the industry has been making decisions based on outdated or bad data due to the industry’s legacy data infrastructure and processes.
Construction represents 16.5 percent of global GDP, and the industry’s activity is spiking with the pandemic subsiding.
Toric’s data workspace connects, centralizes, and optimizes construction companies’ most under-utilized asset: project data. Toric brings the inputs of all traditional construction software tools under one virtual roof to apply a layer of automation and data analytics that transform and visualize the data to capture valuable insights. Toric’s unique combination of automation and connectivity provides visibility into the status of construction projects, helping construction companies excel on their two most important metrics: budget and timeline.
Toric’s solution is becoming increasingly essential to all construction firms running demanding projects in parallel. As construction undergoes a significant digital shift, construction companies like Commodore Builders, Architectus, and DBA have chosen Toric to modernize their data infrastructure and help them make data-driven decisions.
Louis Parent, , P.Eng., MBA, President Builthink Consultants, Inc., says, “The first time I saw Toric, I said, ‘This is the mindmap of the future. This is going to revolutionize the way the construction industry has access to data.’ Toric links all these different sources of information that are usually only accessible manually or through different exports or coding with such ease that it will blow your mind and change the way you do business.”
Toric’s data platform connects, centralizes, and transforms construction data. The solution helps construction firms gain more visibility into each of their projects, helping them remain on budget and timeline for each one. Leading construction firms like AECOM, Dubé, and Commodore Builders are using Toric to reshape how they interact with their data.
Learn more at Toric.com.
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