The San Francisco venture fund was founded by construction tech investment veteran Darren Bechtel and is backed by high-profile corporate funding sources.
The fund targets emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. The firm has already invested in 16 companies through an earlier fund.
Bechtel, who serves as managing director, has been investing personal capital into Built World technology startups since 2012, beginning with his contribution as the largest investor in a seed round for PlanGrid (acquired by Autodesk in November 2018 for $875 million).
“We are excited to formally announce our first institutional venture capital fund and publicly introduce our corporate strategic investors and partners,” said Bechtel in a statement.
This article was originally published on on VentureBeat.
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