Construction safety software company HammerTech is set to accelerate business expansion and product innovation following a US$70 million (AUD$105 million) growth investment from US-based Riverwood Capital, one of the leading investment firms solely dedicated to technology growth and scalability.
Read also – [Funding News] Halo Industries Secures $80M Series B Funding
The new capital will spur growth and accelerate research and development. This includes the integration of AI and other technologies into HammerTech’s safety intelligence software platform for general contractors and trusted by more than a million workers globally.
Read also – [Funding News] Neuspera Medical Secures $23 Million Series D Funding
HammerTech CEO and Co-Founder Ben Leach said, “This is a pivotal moment in our evolution, ultimately benefiting our clients and the industry,” “We remain focused on delivering further efficiency gains through smarter workflows, keeping us at the forefront of construction technology to ultimately make construction sites safer. Working on a construction site is still one of the most dangerous jobs in the world, with the highest number of workplace fatalities of any industry. Sadly, many of these life-changing events are preventable. As projects become more complex, technologies must go beyond digitizing forms. We need to make day-to-day processes and activities easier for site teams so they can focus on working safely and doing what they do best – building.”
Growth equity firm Arrowroot Capital will remain a HammerTech shareholder after investing in the Melbourne-headquartered firm in 2019. Riverwood Capital will now have HammerTech board representation, in addition to Arrowroot Capital. Lightning Partners served as financial advisor to HammerTech in connection with the transaction.
Alongside its financial investment, Riverwood brings expertise in growing and scaling technology companies globally, guiding HammerTech as it continues its ambitious expansion strategy. “HammerTech powers the safety programs for the most sophisticated construction firms in the world,” said Jeff Parks, Co-Founder & Managing Partner, Riverwood Capital. “Ben and the team have built an incredible business centered around delivering value to stakeholders, in an industry that is traditionally underserved by transformative technologies.”
“We view HammerTech as a mission-critical solution for modernizing and automating job site safety,” says Ramesh Venugopal, Partner, Riverwood Capital. “From general contractors to specialty contractors to asset owners, HammerTech delivers value that is driving tangible ROI all while making the job site a safer place to work,” said Ramesh Venugopal, Partner, Riverwood Capital.
About HammerTech
Built for construction, HammerTech’s safety intelligence software platform was created to improve worker safety and solve site efficiency challenges. Launched in 2013, the breadth, deep insights and expertise of HammerTech is trusted by over 20,000 projects led by construction’s best contractors including Hutchinson, DPR Construction, Shawmut Design and Construction, and John Paul Construction to make their job sites among the safest in the world.
