BOSTON, March 21, 2024 /PRNewswire/ -- Ediphi, the most advanced cloud-based estimating solution on the market, today announced it has raised $12 million in Series A funding, led by Norwest Venture Partners. The financing will be used to expand its team, invest in product innovation through research and development, and grow its market share within the industry.
This funding comes on the heels of a $6.5 million seed funding round that Ediphi closed in November 2023, led by Suffolk Technologies.
"Dominated by legacy, on-premise solutions, nearly 75% of contractors rely on manual methods for price quoting. Ediphi is about to change that with a cloud-native solution that saves time and money by accelerating a days- or weeks-long process into a few hours, while enabling unprecedented accuracy, scalability and collaboration," said Sean Jacobsohn, Norwest partner. "I've followed Dustin for more than a decade and it's clear he understands the pain points of preconstruction firsthand, and he's assembled a strong leadership team with deep domain expertise. It's rare for a company at this stage to deliver an enterprise-class solution that pays for itself in savings. We see enormous opportunity for Ediphi to disrupt the preconstruction market."
Estimating is no longer an event. It's a process and the most important phase in construction. Because of this, only a cloud-based solution can meet today's estimating requirements, which ties directly to downstream project success.
Ediphi's cloud-based estimating solution generates informative estimates with minimal project inputs using a rich cloud database of scope and historical cost data. Contractors can begin preconstruction by pricing a napkin sketch and firm up details as the project evolves, allowing them to:
"Our mission is to empower the people who plan the built world. This funding further validates our efforts and will allow us to build our team and invest more in research and development," said Dustin DeVan CEO of Ediphi. "We have seen massive interest from customers looking to move away from desktop applications for modern cloud infrastructures and to consolidate their estimating processes."
Prior to co-founding Ediphi, CEO Dustin DeVan spent six formative years as a general contractor. That experience deepened his passion for the construction industry and ignited his ambition to improve preconstruction. Following that calling, he founded BuildingConnected, a preconstruction platform that was eventually acquired by Autodesk for $275 million. DeVan is joined by CTO Michael Navarro, a 20-year veteran of preconstruction and operations, and the chief architect behind the Ediphi platform.
To learn more about Ediphi, visit ediphi.com.
About Ediphi
Ediphi is the most advanced cloud-based estimating software on the market. Contractors use our platform to streamline preconstruction and empower better decision making, ensuring they consistently guide clients to the right target value design. At the core, we've made it drastically more efficient to provide conceptual and cost estimates quickly—and even easier for you to work through design iterations and value engineering. Ediphi leverages cloud infrastructure to ensure data accessibility across your workflows—from estimating to procurement and risk management, allowing Contractors to reduce non-recoverable preconstruction costs and decrease the time it takes to move from ideation to breaking ground, all while better serving their end customers. To learn more, visit our website: www.ediphi.com
About Norwest Venture Partners
Norwest Venture Partners is a global venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors with a focus on enterprise, consumer and healthcare. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai and Tel Aviv. For more information, please visit www.nvp.com.
