SAN FRANCISCO, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Rhumbix, a mobile platform designed for smarter construction sites, has closed a $7.35 million round of funding led by Blackhorn Ventures, with participation from Greylock Partners, Brick & Mortar Ventures, Spectrum 28, Glynn Capital, and Kiddar Capital. This is one of the first investments made by Blackhorn, a new fund aimed at supporting companies redefining global resource use.
Rhumbix modernizes construction field operations, helping builders go paperless in the field and improving how they measure and manage labor productivity to be more profitable.
“Construction productivity is at a tipping point. Ubiquitous broadband access and smart mobile technologies are leading the way,” said Dr. Raymond Levitt, Venture Partner at Blackhorn Ventures and Kumagai Professor of Engineering at Stanford University. “We invested in Rhumbix because of the company’s tremendous leadership and one-of-a-kind technology. Rhumbix’s cloud software, with its intuitive mobile interfaces for all users, takes resource productivity in the construction industry to a new level.”
The World Economic Forum predicts that in 10 years, the construction industry will be digitized, with an overall possible savings of $1.2 trillion globally. “One key part of that digitization will be where the data comes from,” said Rhumbix Co-founder and CEO Zach Scheel. “We believe the best data comes directly from the construction workers themselves. Rhumbix dramatically improves labor productivity and ensures all project stakeholders have the right data, when they need it, to make better decisions.”
Rhumbix is currently being used by 7 of the top 20 builders in the United States and the platform has delivered ROIs ranging from 500-800%. “The market is there, our technology is proven, and this round of funding will help us to invest more in some very compelling products currently in development and in expanding our sales team and marketing efforts,” said Rhumbix Co-founder and COO Drew DeWalt.
“We look for companies that are coupling engineering breakthroughs with the infrastructure of the information revolution to improve resource productivity,” said Blackhorn Managing Partner Trevor Zimmerman. “This is a unique period of innovation - we are seeing increasing numbers of exceptional companies that are reshaping resource use in industrial sectors. Rhumbix is a perfect example of that.”
About Rhumbix
Rhumbix modernizes construction field operations, helping builders go paperless in the field and improving how they measure and manage labor productivity. Our Field Intelligence Platform™ is a cloud-based mobile workforce management solution that collects and digitizes data from previously paper-based workflows. This ensures all project stakeholders have the best data, when they need it, to make better decisions and draw actionable insights setting a standard for the “digital age” foreman. Headquartered in San Francisco, California, Rhumbix was founded in 2014 by Navy veterans with deep experience in the construction industry and is backed by tier-one investors. For more information visit: www.rhumbix.com
About Blackhorn Ventures
Blackhorn Ventures was founded by a group of experienced operators and investors, to invest in companies improving industrial resource efficiency. Blackhorn backs entrepreneurs that are using breakthroughs in science and engineering to reshape industries, finding new ways to solve complex problems. Their solutions are built on IT infrastructure, and designed to do more with less, resulting in order of magnitude improvements in resource efficiency. For more information visit: www.blackhornvc.com