Several months ago, I covered FieldLens and how they were trying to eliminate over $40 billion of waste in the construction industry by leveraging new technologies like the iPad, iPhone and tablets.
Today, several VCs agreed that their vision was worth an investment to the tune of $1.9 million. Below are some more details about their investors how they will use the funds.
FieldLens will use this investment to continue development of a communication platform that will provide construction industry personnel real-time mobile access to all critical job-site data, saving the industry an estimated $40 billion in costs wasted from ineffectual methods of communication.
The round is co-led by High Peaks Venture Partners and Softbank Capital, and also includes Quotidian Ventures, NYC Seed and Contour Venture Partners, and a group of strategically chosen angel investors including Tom Falus, former President of Cushman & Wakefield, Ryan Moore, partner at Atlas Venture, Simon Hopkins of New York Angels, Ed Tolson of New York Angels, and Rick Webb, co-founder of The Barbarian Group. The amount raised includes a $300,000 angel investment secured in December 2011, led by Quotidian Ventures.
Brad Svrluga of High Peaks Venture Partners said, “The construction industry is sitting on the front edge of a powerful transformation, as ubiquitous smartphone penetration creates an opportunity to completely change the way communication, task management, and data collection happens in the field. The era of the clipboard is finally ending, and I fully expect FieldLens will lead this transformation. Their platform is improving communication, reducing errors and associated costs, and generating powerful data and insights that are changing the way field management is done. We are thrilled to join Doug and his team on what we expect will be an exciting and disruptive journey.”
FieldLens technology provides simple visual mobile access to all jobsite data, allowing faster responses to action items and issues that typically would have required massive amounts of paperwork, emails, faxes, and in-person site visits. FieldLens streamlines communication by utilising familiar tools like video, tagging, touch screen and photography to convey field issues.
According to FieldLens CEO Doug Chambers, choosing investors who understand the need to fill a communication gap in the construction industry was crucial. “I worked as a construction project manager for more than a decade, and no matter where I worked, from small interior projects to huge skyscrapers like the New York Times building, communication problems were all the same. The construction industry lacks consistent, reliable means of keeping track of and conveying field issues between all the different stakeholders on a given project.”
FieldLens is currently in private beta and expects to be available for open beta by November 2012.
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