CONSTRUCTION tech startup Novade has completed its Series B funding with lead investors SIG and Vulcan Capital, the company announced on Wednesday.
SIG is a global quantitative trading and investment firm headquartered in Pennsylvania in the US. Meanwhile, US-based Vulcan Capital is the investment house of late Microsoft Corp co-founder Paul Allen.
Also participating in this round of funding is Wavemaker Partners, which led Novade's Series A round 16 months ago with Enterprise Singapore.
Novade offers smart field management software for the building and construction industry. According to the company, critical site processes including quality controls, safety inspections and equipment maintenance are digitised and automated on its platform.
The startup will use the funds to accelerate its global expansion and market penetration in Europe, China and Japan, as well as to step up engagement with leading firms in the industry.
It also plans to increase investments in its technology and artificial intelligence capabilities.
Said Denis Branthonne, founder and chief executive officer of Novade: "In the current global context, improving quality, productivity and safety is more important than ever."
With the onset of the Covid-19 pandemic, managing health and safety on construction sites has become paramount for employees, companies and governments, Novade noted.
In March this year, the company launched new functionalities that enable health monitoring procedures on sites.
"We are working with our existing clients to help them maintain or restart operations when the situation improves and are absolutely committed to supporting our clients during these difficult times," added Bruno Suard, general manager for Europe, the Middle East and Africa at Novade.
Founded in 2014, Novade is headquartered in Singapore and operates in over 20 countries across Europe and Asia.