Now valued at $50million, Florida-based construction tech startup Togal.AI is adding to its cap table. The team, led by former congressman Patrick Murphy, closed a $5 million pre-Series A this week.
The SAFE round was from amix of new and existing investors Florida Funders, Coastal Construction, alongside executives from Meta, Goldman Sachs, and Minitab.
Togal.AI’s pre-construction technology uses machine learning to detect, measure, compare, and label upcoming construction projects and architectural drawings.
“There is no doubt that the market has changed considerably over the past 6 months or so, but we are fortunate to have a strong base of investors, primarily from the industry that understands what a major advancement this is to the industry and how big of a company this can be,” Murphy told Hypepotamus. “So despite the headwinds, I believe investors try to think past current uncertainty and see Togal as a disruptor that will not only survive a downturn but potentially thrive as more and more users will be looking toward technology to help drive efficiencies.Beyond the current investors who help fill this round, we continue to meet new investors who are looking not only for quality companies, but for industries like construction that are ripe for disruption.”
Florida Funders, which Pitchbook has named as one of the most active VCs in the Southeast region, is doubling down on Togal.AI after joining its pre-seed round in 2022.
“This is one of the more innovative applications of AI we’ve seen for a growing industry ripe for disruption,” said Saxon Baum, Partner at Florida Funders. “Patrick’s deep, firsthand knowledge of the construction industry’s ins and outs make him the ideal founder Florida Funders wants to back.”
Hypepotamus first spoke with Murphy in September of 2022 when his startup was gaining traction as a tool to improve the construction estimation process and before pitching on theVenture Atlanta stage.
The last several months have been busy for Togal.AI. The startup recently released several new features to make that process easier. That includes adding a collaboration software thatMurphy describes as “Google Docs but for construction plans.”
That platform has also achieved a 98% accuracy level when it comes to evaluating floor plans and“overhauled” its classification support options for contractors.
Togal.AI is one of manyConstructionTech startups currently building in the Southeast. At least 129construction-focused startups have been founded in the region since 2020 alone, according to Crunchbase.