McCarthy Building Companies is teaming up with Procore to run its operations on the technology company’s construction-focused software platform.
The construction firm, which previously used a custom-built system, cited Procore’s mobile capabilities as a major reason for the partnership, as it allows the software to be readily used in the field.
Procore is one of several construction tech companies to have drawn considerable investor interest. It recorded four of the top 20 unique financing rounds as of mid-2012, according to a report from CB Insights, which excludes drone-based companies.
Procore's funding includes a $50 million Series G round in December 2016 led by Iconiq Capital. That pushed the company into "unicorn" territory with a valuation of $1 billion. Other con-tech startups to garner considerable investor interest are turnkey modular builder Katerra, cloud-based CAD software provider Onshape, and predictive analytics software company Uptake, according to CB Insights.
While these companies and others like them have drawn venture capital interest, they've also caught the eyes of contractors.
McCarthy announced last month that it will work with PrecisionHawk to develop custom software that will use data captured by drones through the contractor's in-house UAV program to analyze its job-site activity. The resulting 3-D and 4-D models will help the contractor track productivity, undertake site surveying and manage schedules, among other functions.
More such partnerships are likely among contractors and software service providers as contractors become more comfortable using cloud-based applications in the field. In a 2016 report, the Associated General Contractors of America and Sage found that nearly six in 10 construction firms use or intend to use such software.