Construction technology startup is reporting that it has raised $22 million in funding, which includes $16 million from Autodesk.
Toric is a data-platform used by construction, engineering and similar sectors, that enables anyone to integrate, transform, model and visualize data, without writing code.
Founders Thiago da Costa and Dov Amihod created the platform after identifying the need for a data layer to connect sources and insights across a broad range of functions. Toric bills itself as a software platform that allows construction companies to combine all building design, project execution and financial information into one place, for increased transparency, and quicker decision making, without having to build software integrations that can take months or years to develop.
Earlier this year, Toric announced a $5.5 million stealth seed round that took place in late 2019 led by Storm Ventures, with key participation from angel investor and former Autodesk CEO, Carl Bass, who joined Toric’s board of directors. They also announced a $10.5 million October 2021 Series A round led by Leaders Fund with angel investors Chris Lynch, chairman of DataRobot and CEO of AtScale, along with Plangrid co-founder, Ralph Gootee. The additional funds have enabled Toric to execute its go-to-market strategy while increasing the number of data integrations, partnerships and platform features.
Watch a walkthrough on Toric:
As part of the investment, 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.
Construction companies are gathering considerable amounts of data as digitization and rapid adoption of new software evolves. 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.
To learn more about Toric, join a webinar with Autodesk’s Senior Director of Construction Industry Strategy Sunil Dorairajan and Toric’s CEO Thiago da Costa on Sept. 22, 10 a.m. Central.
