Vakharia sees global construction software market at $23bn by 2031
Xpedeon, a vertical cloud-based software platform (SaaS) for the Engineering and Construction industry from Mumbai, plans to expand to North America, Europe and Asia-pacific with the new funding round raised from Norwest Venture Partners of California.
Part of the investment will also be utilized to further enhance and integrate Building Information Modelling (BIM) and AI/ML within its core technology stack, said the company, having generated significant traction across the UK, Middle East and India.
The funding will accelerate Xpedeon’s future growth and solidify the company’s position as a leading unified construction software company.
“The global market for construction software is expected to reach US$23 billion by 2031. Our hard work and dedication to this industry over the last decade have enabled us to build a construction software product portfolio that strongly positions us to capture a significant share,” said Janak Vakharia, Chief Executive Officer.
“Through the Xpedeon SaaS platform, we can deliver our solutions to businesses of any size, anywhere. We are delighted that Norwest Venture Partners has bought into our vision and chosen to be a part of this very exciting journey as it unfolds,” Vakharia said on 20 Dec 2022.
Xpedeon is a purpose-built, highly mature platform for Engineering and Construction companies and caters to General Contractors, Specialist Contractors, Housebuilders, Real Estate Developers and a wide range of Engineer-to-order use cases.
With operations across the UK, Middle East and India, the company provides a unified, vertical, integrated SaaS platform encompassing finance, construction management, HR, Payroll among other modules.
Norwest Venture Partners is a global, multi-stage investment firm that manages approximately US$12.5 billion in assets and has funded more than 650 companies in the last six decades. Norwest Venture Partners is focused on early to mid-stage venture capital and growth equity investments across a wide range of sectors including SaaS, Fintech, Insurance, Consumer-tech, B2B, Healthcare, Logistics among other sectors. Some of the prominent investments include OfBusiness, Swiggy, Amagi, Xpressbees, Gong, Harness, DemandBase, Vast Data, and Dremio. Norwest has offices in Palo Alto, San Francisco, India and Israel. fiinews.com
