On-line building product selection service Acelab just announced it has raised a further USD 5.3 million in development funding. Moreover, large players such as Draper Associates, Pillar VC, and PJC co-led the round.
Investors also include Alpaca, Branagh Construction, Erik Jarnryd (Former CEO of Harvey Building Products), Ken Lang, Klingenstein Fields, Steve Kaufer (Founder and former CEO of TripAdvisor), Transcend Partners, and Westview PE Fund.
This newly raised capital will support the growth of Acelab’s building product selection platform. More than 7,000 architecture practices currently use it to find the best available products for their construction projects. Recently appointed executive chairman Dave Lemont explains its attraction:
“As the former CEO of Revit and general manager at Autodesk, I have been fortunate to play a leading role in revolutionizing the design and documentation of buildings. Acelab’s platform enables architects to find optimal product solutions for construction projects with ease. I’m excited to propel the industry forward by instigating a much-needed revolution in product specifications and research.”
“Acelab has emerged as one of the most widely used product specification platforms in the construction industry, with thousands of design and build firms now using Acelab monthly,” adds Vardhan Mehta, Acelab CEO and co-founder. “With this new funding, Acelab is well-positioned to become the industry standard for how all architects research and select building products.”
Architects in the United States specify over USD 100 billion worth of construction products every year. However, many architecture firms lack a standard specification workflow or access to a comprehensive library. Therefore, this results in lost information, multiple revisions, and scattered communication across emails, telephone calls, and sticky notes. Consequently, it ultimately leads to errors, higher costs, and decreased productivity.
Acelab’s platform is currently being used by over 7,000 architecture practices around the country. These include project teams at well-known firms such as AECOM, Gensler, and SOM. Acelab’s product database has also grown to over 39,000 products across categories such as windows, doors, cladding, roofing, and insulation.
“Acelab has built the most sophisticated and comprehensive solution for architects to collaborate internally and externally on their product selection workflows,” said Tim Draper, founder of Draper Associates. “In the coming years, we look forward to working with Acelab as the company continues to build impactful products that support the construction industry to bring projects from vision into reality.”
Previously, in spring 2023, Acelab had already introduced a range of new capabilities for its machine learning-based platform.
- Collaboration Portal for connecting users with an Acelab product expert or a manufacturer’s specialist for critical product information, lead times, and price quotations.
- Project Workspace for organizing product shortlists in a personalized Project Workspace and sharing it with colleagues.
- Proprietary search engine ProductAdvisor visually guides its users through the building product ecosystem.
“Acelab possesses uniquely powerful network effects in that architects, building product manufacturers, and contractors all get huge value from one another using the platform,” said Parker McKee, principal at Pillar VC. “We expect this dynamic will only compound as the company continues on its current growth trajectory.”
Acelab is a single-source product discovery and selection platform for architects. It enables architects to select from thousands of options and make informed decisions. Several prestigious venture capital funds are backing it. These include Alpaca, Draper Associates, Pillar VC, Transcend Partners, and MIT’s MET Fund.