Asheville’s Ecobot Raises $ 2.8 Million to Expand Platform, Add Employees
ASHEVILLE – Ecobot, the provider of a cloud-based platform designed to improve the effectiveness and efficiency of mandatory environmental permits before construction, has raised more than $ 2.8 million from nine investors.
Cofounders Capital, based in Cary, is one of its backers.
“We are delighted to bring these new partners together,” said Lee Lance, CEO of Ecobot, in a statement shared with WRAL TechWire. “This latest funding round and the collective expertise of our investors support our vision to expand Ecobot, enabling us to bring our transformative platform to more stakeholders in the architecture, engineering industry. and construction. “
Lance told WRAL TechWire in an interview that the company’s software helps engineers and builders start and complete large-scale construction projects faster, noting that the company has helped customers complete more than 45,000 analyzes since its creation in 2018.
“We’re able to help our customers get this job done twice as fast, with significantly better accuracy than tinkering with Excel, handwritten notes or other software tools,” Lance said.
To meet mandatory environmental permit regulations, an environmental scan must be performed at all times before moving earth, Lance noted.
“There’s a tremendous amount of time spent getting environmental permits before construction,” said Lance. “Ecobot offers the possibility of exploiting the data generated by the existing normal procedures. “
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The data generated by using Ecobot’s software can help the engineering teams of the company’s customers solve problems more effectively, Lance said.
“For example, one of our customers, and we have a case study on that, is that they were using Ecobot on a 3,000 acre farm site for a solar power plant,” Lance said.
The company sought to develop its software solution in such a way that it became “invisible,” Lance noted. “It fits so closely with the offline process that the digital version of the workflow is almost something that doesn’t need to be learned,” he said. “When you are able to do that, that’s how you start to see efficiencies, such as what our customers see. “
The result is a more effective and efficient workflow, with the benefit of collecting usable data from field analysis, Lance noted.
“By better understanding the natural environment, engineers are able to plan and create a more resilient built environment,” said Lance. “Which helps break down silos between different parts of the organization and different parts of the process.” “
And, added Lance, at a time when nearly every organization cares about attracting and retaining talent, software provided by Ecobot streamlines existing processes and workflows for field teams.
“The crux of what Ecobot is,” Lance said. “Does this allow us to work more with the same workforce? “
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The funding round includes Cultivation Capital, which led the round, and existing investor Cofounders Capital. Other investors Runway Venture Partners, SaaS Venture Capital, Shadow Ventures, Stout Street Capital and the Charlotte Angel Fund. In total, investors are investing $ 2,806,278, according to the company’s SEC filing, as part of an equity deal.
“This capital will allow Ecobot to continue executing its plan while adding new talent to this already incredible team,” said Tim McLoughlin, Ecobot board member and partner at Cofounders Capital.
Lance noted that the funds allow the company to expand the scope of environmental permits, add additional project management tools to the software platform, and explore more integrated methods of exploiting data from land in “a digital twin to improve the resilience of the built environment”.
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