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commercial-grade services technical school has n’t historically been considered “ sexy , ” but the need for instauration in the quad is tremendous .
That need has translated into a large fundraise for a companionship focused on streamlining commercial contracting physical process . On Friday , BuildOps , which develops software program for commercial-grade services contractor , announced that it has raise $ 127 million in a Series C round lead by Meritech Capital that values the company at $ 1 billion post - money .
That valuation is “ more than double ” the valuation BuildOps reached in its last financing — a$50 million Series B roundannounced in May of 2023 and a follow - on “ top up ” $ 36 million raise for existing investor only , according to Alok Chanani , carbon monoxide - founder and chief executive officer . The latest capital infusion impart the company ’s totality raise to over $ 250 million .
Founded in 2018 , Los Angeles - establish BuildOps has built field service direction software that helps commercial contractor in the U.S. and Canada with project management , service , dispatching , and invoice via what it draw as “ AI - powered mechanization . ” The society claim that its software help contractors , including HVAC , plumbing , mechanical and electrical , and fire and lifetime refuge , increase efficiency , make fewer costly error , reduce downtime , and achieve higher profitability .
“ I spill the beans to contractors every day [ … ] and they ’re bust their backs keep our world running , but the deck ’s pile against them with short staffs , skyrocketing costs , and tech that ’s stuck in the Stone Age , ” Chanani tell apart TechCrunch in an interview .
Chanani antecedently plant a commercial-grade real estate group called USA Commercial . carbon monoxide gas - founder Neeraj Mittal formerly was director of applied science at ServiceTitan . As for BuildOps ’ third co - founder , Steve Chew , he did stint at Microsoft , Nextag , and Fundly .
Mittal is no longer with the troupe , according to his LinkedIn .
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BuildOps operates on a software - as - a - service ( SaaS ) model with per - user pricing structure as part of an one-year contract . The society has over 1,000 commercial contractor customers , including J.H. Kelly , Haynes Mechanical , Dynamic Systems , Inc. , and Baker Electric .
Chanani declined to reveal hard revenue figures , but noted that since the company launched its platform in 2020 , BuildOps has “ grown exponentially , ” surpassing “ seven figures ” in tax income in the first year and then triple that figure in 2021 and 2022 . Revenue subsequently doubled in 2023 and 2024 .
BuildOps is not yet profitable as it is focused on “ fast-growing grading and investment in the future , ” according to Chanani .
Looking in advance , BuildOps plans to use the Modern capital to expand its headcount and invest in products and technology ontogenesis , peculiarly its API architecture . It ’s also eye what Chanani described as “ strategical accomplishment . ”
presently , BuildOps has about 375 employee , up 50 % compared to a year ago .
For Meritech Capital worldwide partner and carbon monoxide - founding father Paul Madera , commercial service is a “ massive and critical section of our saving that has been woefully underserved by advanced software program . ”
“ Alok and the BuildOps team saw this chance early and built the most ended commercial services operating system in the industriousness , ” said Madera , who is join BuildOps ’ board as part of the financing . “ What we hear from contractors large and small is that BuildOps has done nothing short of transform their business operationally and financially . Most importantly , it allows them to better assist their customers . ”
He told TechCrunch that his firm was also drawn to the fact that BuildOps is exclusively focused on the commercial-grade sector .
“ Every customer [ … ] does thing a footling other than , meaning the software system needs to be highly configurable , like any other burden organization of record , ” he said . “ BuildOps has nailed this proportion of merchandise deepness , flexibility , and useableness in a really alone way . ”
unexampled backers Bond Capital and Schneider Electric ’s SE Ventures also participate in BuildOps ’ Series C round , as well as existing backers Fika Ventures , Next47 , StepStone Group , and Titanium Ventures . earliest investor in BuildOps include 01A ( formerly known as O1 Advisors , founded by former Twitter execs Dick Costolo and Adam Bain ) , Founders Fund , MetaProp B Capital , 137 Ventures , and Liquid 2 .
