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Clearstory has secured $16 million in Series B funding led by Prudence to expand its change order communication platform for the construction industry. The platform enhances transparency and collaboration by digitizing the change order process, integrating with leading construction technologies, and reducing administrative burdens. This funding will enable Clearstory to scale its operations and further innovate its product offerings.
Clearstory’s Bold Move in Construction Tech
Clearstory has announced the successful completion of a $16 million Series B funding round led by Prudence. This funding is a significant milestone for Clearstory, a company that has established itself as the construction industry’s sole change order communication platform. This platform enables companies to efficiently manage out-of-contract work, a critical aspect in the construction sector. The additional funding will accelerate Clearstory’s growth, enabling the company to scale its operations, enhance its platform, and attract top-tier talent to further drive innovation.
The Game-Changer: Clearstory’s Innovative Change Order Platform
Clearstory’s platform facilitates seamless communication between various stakeholders in the construction industry, including owners, general contractors, and specialty contractors. The platform is designed to simplify the complex process of managing change orders, providing a collaborative environment where all parties can share and approve changes in real-time. This functionality significantly reduces the risk of miscommunication and ensures that projects stay on track. By digitizing the end-to-end change order process, Clearstory eliminates the need for outdated methods such as paper forms and spreadsheets, streamlining operations and enhancing efficiency.
Fueling Growth: The Impact of Series B Funding
The $16 million Series B funding round was led by Prudence, an early-stage venture firm known for investing in technology companies that are transforming the built world. Other participants in the round included Industry Ventures, Jackson Square Ventures, Building Ventures, GS Futures, and Cloud Apps Capital Partners. Clearstory CEO Cameron Page emphasized that this funding would enable the company to supercharge its product development and expand its team. The infusion of capital is expected to drive significant advancements in the platform, improving its capabilities and expanding its reach in the construction industry.
From Pain Point to Solution: Addressing Construction Industry Challenges
The construction industry faces numerous challenges related to change orders, including financial liability, project delays, and administrative burdens. Clearstory addresses these challenges by providing a platform that offers real-time visibility and collaborative workflows. By streamlining the change order process, Clearstory helps reduce the financial risks associated with construction projects and ensures that changes are documented and approved quickly. This not only improves project efficiency but also enhances financial decision-making by providing a centralized source of truth for all stakeholders involved.
Building Trust: The Role of Transparency and Collaboration
Transparency and collaboration are crucial in the construction industry to mitigate risks and ensure project success. Clearstory’s platform enhances transparency by providing all parties with real-time access to change orders and project updates. This visibility helps general contractors manage risk over the life of a project, while specialty contractors benefit from faster approval and payment of change orders. Clients like Suffolk, Clayco, and Swinerton have praised Clearstory for its ability to foster trust and collaboration, leading to more efficient and successful project outcomes.
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Integration and Automation: Streamlining Construction Processes
Clearstory integrates with numerous leading construction technology platforms, including Procore, Autodesk, Vista, CMIC, Sage, and HCSS. These integrations allow for seamless data flow between systems, reducing the administrative burden on construction teams. Automation features within Clearstory’s platform further streamline processes by eliminating manual data entry and ensuring that change orders are processed efficiently. By integrating and automating these critical functions, Clearstory helps construction companies improve operational efficiency and reduce the likelihood of costly errors.
Industry Validation: Clearstory’s Growing Client Base
Clearstory has rapidly gained traction in the construction industry, with 13 of the 25 largest general contractors in North America among its clients. The platform is used to share over 19,000 change orders worth more than $850 million each month. Clients range from large general contractors to small regional subcontractors, demonstrating the platform’s versatility and widespread appeal. Industry leaders have highlighted the significant cost savings and operational improvements achieved through the use of Clearstory, underscoring the platform’s value in the construction sector.
Prudence’s Vision: Supporting the Future of Construction Tech
Prudence, the lead investor in Clearstory’s Series B round, focuses on technology companies that are driving the global transformation of the built world. Prudence’s investment strategy includes a diverse portfolio of companies in construction, real estate, infrastructure, and climate/energy adaptation. Their support of Clearstory aligns with their mission to foster innovation and efficiency in these sectors. Other notable investments by Prudence include AI Clearing, Casafari, Compass, CREXi, Evernest, Hemlane, Maxwell, Propexo, Salus, Sundae, and VendorPM.
Clearstory’s Path Forward in Transforming Construction
Clearstory’s $16 million Series B funding marks a pivotal moment in the company’s journey to transform the construction industry. The enhanced platform will continue to address key challenges in managing change orders, providing a collaborative, transparent, and efficient solution for all stakeholders. As Clearstory expands its capabilities and client base, it is well-positioned to drive significant advancements in construction technology, ultimately contributing to more efficient and successful construction projects.
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