Originally published here in PR Newswire

SEATTLE, May 29, 2024 /PRNewswire/ -- TraceAir, a leading provider of site intelligence software for homebuilders and land developers, today announced a $25 million Series B funding round led by PeakSpan Capital, with participation from Flashpoint Venture Capital among other existing investors. TraceAir offers builders and developers a visual and collaborative construction management platform that empowers businesses with data-driven insights to lower costs, improve efficiency, and reduce the risk of errors and delays.

The investment will support the development and market roll-out of new products to boost land development and homebuilding workflows with predictive analytics and to set the industry on a new level of efficiency and automation. TraceAir's expanded offerings will encompass the entire lifecycle of land development and homebuilding projects—from land acquisition and planning up through construction—delivering unparalleled value to top builders, proving that TraceAir is the must-have partner for any developer to compete in the land-development market.

"We are thrilled to embark on this next chapter of TraceAir's journey with the support of PeakSpan Capital and Flashpoint Venture Capital," said Maria Khokhlova, co-founder of TraceAir. "This funding will enable us to accelerate our mission of transforming the land development and homebuilding industries through radical transparency and visual data-driven approach as well as through empowering essential workflows with innovation and technology."

Since founding TraceAir in 2015, co-founders Maria Khokhlova, Dmitry Korolev, Alexander Solovyev, and Nikita Ushakov have grown the company to serve the top thirty homebuilders in 40+ states and Canada. Trusted by industry leaders including DR Horton, Howard Hughes, Lennar, and more, TraceAir is committed to meeting the complex business needs of builders and land developers worldwide.

"Our vision is to empower construction professionals with intelligent and easy-to-use tools that drive efficiency and sustainability," added Dmitry Korolev, co-founder of TraceAir. "With this investment, we are poised to deliver even greater value to our customers and partners."

The construction technology market is predicted to exceed a market size of $24 billion by 2033, a considerable increase from $5 billion in 2023. Private equity investments in PropTech and adjacent sectors are poised to fuel this market growth in response to industry challenges such as workforce and supply chain shortages, inflation, and dynamic regulation.

"TraceAir has demonstrated exceptional growth and innovation in an industry ripe for disruption," said Phil Dur, co-founder and general partner at PeakSpan Capital. "We are excited to partner with Maria, Dmitry, and the entire TraceAir team as they continue to pioneer advancements in construction technology."

"TraceAir's commitment to leveraging AI and machine learning to address critical challenges in land development and homebuilding aligns perfectly with our investment thesis," added Tony Fedorov, partner and the Head of US operations at Flashpoint Venture Capital. "We look forward to supporting TraceAir as they scale their transformative solutions."