SAN FRANCISCO, September 8, 2022 – Construction tech startup Toric today announced $22 million in funding including $16 million in equity led by Autodesk with participation from existing investors Storm Ventures, Leaders Fund and Real Ventures, and $6 million in debt financing. The funding follows on the heels of Toric signing as customers ENR 400-ranked general contractors Suffolk Construction and HITT Contracting. Toric will use the capital to fund the expansion of its data pipeline platform and deliver easy-to-use analytics tools and AI capabilities for architecture, engineering, construction, and owner-operators.
“The AEC industry is going through a transition to increase profits and reduce costly mistakes by leveraging more data and operating with insights,” said Thiago da Costa, CEO of Toric. “Tech solutions for contractors need to connect data and processes to deliver critical takeaways and increase efficiency. Our technology makes it easy for companies to leverage the data they have today with a powerful no-code solution, helping firms save time and improve productivity. As a leader in construction, Autodesk’s investment in Toric will enable us to build key capabilities and unlock new data opportunities for our customers.”
As part of Autodesk’s investment in Toric, the two companies will enter a strategic alliance to benefit customers of both companies. Toric will offer new integrations for Autodesk Construction Cloud, and Autodesk’s BIM design tools such as Revit, Navisworks, and Civil 3D. Toric’s data analytics cloud software will be available within Autodesk Construction Cloud marketplace.
“A massive amount of data is created over the course of a building project, from design through closeout,” said Sidharth Haksar, head of construction strategy and industry partnerships at Autodesk. “There is a tremendous opportunity for all stakeholders to harness that data effectively and derive actionable insights to drive improved outcomes on both existing and future projects. Autodesk’s investment in Toric shows our commitment to building a data-driven future where architects, contractors, and owners can quickly unlock the value of all their project data as well as be empowered to make informed business decisions.”
Toric provides construction companies with real-time insights from a variety of data sources
Construction companies are accumulating significant amounts of data due to digitization and rapid adoption of new software. At the same time, nearly 95 percent of this data goes unused due to fragmented and siloed systems, leading to bad data and costly decisions.
According to a recent report, one-third of poor decisions in construction were made as a result of bad data. Decisions using bad data may have had a global rework cost of $88.69 billion, or 14 percent of all rework performed in 2020.
Toric has developed a no-code data platform that allows companies to leverage the information created and surfaced during construction projects to significantly improve core operations and make smarter, data-driven decisions that save costs, improve productivity, and reduce execution time. Construction companies can take advantage of Toric’s platform without having to build software integrations that can take months or years to develop.
“Since switching to Toric, we can’t imagine going back,” said Amanda Moulison, data engineer at Suffolk. “Toric’s data ingestion feature has significantly eased the burden on our engineering team, which has increased our bandwidth and allowed us to focus on new projects and integrations. This process has saved our data team valuable time, and now our organization can make better-informed decisions faster, thanks to Toric.”
Owners and real estate developers require transparency when delivering construction projects, while they also need to analyze their real estate portfolios. Toric provides a solution that allows owner operators to easily aggregate all building design, project execution, and financial information into one place, for fast analysis and decision making.
“Construction data can be very messy and complex,” said Raj Patel, vice president of enterprise technology at HITT. “We chose Toric to integrate data over a platform, instead of having to build a complex software stack on our own. With this approach, we can leverage a self-serve product that grows with our needs. Our data team was able to quickly run an analysis on data coming from various sources in a few days after starting to use the product. Toric also gives us portability to own our data over different systems. With the integration between Toric and Autodesk, we’re looking forward to incorporating Autodesk data into Toric.”
To learn more about Toric and how to derive business insights from their platform, join a webinar with Autodesk’s Senior Director of Construction Industry Strategy Sunil Dorairajan and Toric’s CEO Thiago da Costa on September 22, 10am Central. You can also meet Toric’s team at Autodesk University booth AE554 to learn more about leveraging Autodesk data.
Toric officially launched October 2021 after two years in stealth operations working closely with construction companies. The company was founded by serial entrepreneurs Thiago da Costa and Dov Amihod who identified the need for a data layer to connect sources and insights across a broad range of functions in the construction sector.
Autodesk, the Autodesk logo, Autodesk Construction Cloud, Civil 3D, Navisworks, and Revit are registered trademarks or trademarks of Autodesk, Inc. and/or its subsidiaries and/or affiliates in the USA and/or other countries.