Companies news
Novade Completes Series B Funding to Accelerate Geographical Expansion and Increase AI Capabilities
Novade announced today the completion of a Series B capital investment with lead investors SIG and Vulcan Capital. Wavemaker Partners who led Novade’s Series A round sixteen months ago with Enterprise Singapore also participated in this round.
Novade is a leading provider of smart field management software for the building and construction industry. Critical site processes including quality controls, safety inspections, task coordination, production reports, workforce management and equipment maintenance are digitised and automated on Novade’s mobile-optimised platform. The data captured in the field provides actionable insights to streamline operations and improve quality, safety and productivity for clients. Leading contractors, real estate developers, owners and operators around the world trust Novade to drive their digital transformation initiatives all across the globe.
Founded in 2014, Novade is headquartered in Singapore and operates in over 20 countries across Europe and Asia. Novade will use the funds to accelerate its global expansion and market penetration in Europe, China and Japan, as well as step up engagement with the leading global firms in the industry.
Novade also plans to increase its investments in technology and AI capabilities. Since inception, the company has been focused on the automation and digitisation of site processes. Leveraging on the millions of records collected across sites, clients can optimise operations or identify potential issues ahead of time with machine learning algorithms. “The additional funds will support our mission to elevate onsite performance through technology,” said Denis Branthonne, Founder & CEO of Novade. “In the current global context, improving quality, productivity and safety is more important than ever.”
With onset of the COVID-19 pandemic, managing health and safety on construction sites is paramount for employees, companies and governments. Novade launched in March new functionalities that enable rigorous implementation of 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 EMEA, Novade.
The building and construction industry drives 13% of global GDP. While the industry has traditionally lagged in terms of digital technologies, in the last few years the availability of affordable smart mobile devices has driven the acceleration of digital adoption in the field, where the majority of construction activity takes place. Thanks to its leadership position in key market segments across Europe and Asia, Novade is ideally positioned to benefit from a large and fast growing market that is ripe for digital disruption.
For more details on Novade, please visit www.novade.net.
