Xpedeon, a Mumbai, India-based vertical cloud-based software platform (SaaS) for the engineering and construction industries, announced that it closed a Series A funding round from Norwest Venture Partners.
The funding will accelerate Xpedeon's future growth and solidify the company's position as a leading unified construction software company. Part of the investment will also be utilized to further enhance and integrate Building Information Modelling (BIM) and AI/ML within its core technology stack.
The company has generated significant traction across the UK, Middle East, and India and plans to expand to North America, Europe, and Asia-Pacific with the new funding round.
"The global market for construction software is expected to reach $23 Billion by 2031. Our hard work and dedication to this industry over the last decade have enabled us to build a construction software product portfolio that strongly positions us to capture a significant share. Through the Xpedeon SaaS platform, we can deliver our solutions to businesses of any size, anywhere. We are delighted that Norwest Venture Partners has bought into our vision and chosen to be a part of this very exciting journey as it unfolds," said Janak Vakharia, Founder and CEO of Xpedeon.
Xpedeon is a purpose-built, highly mature platform for engineering and construction companies and caters to general contractors, specialist contractors, housebuilders, real estate developers, and a wide range of engineer-to-order use cases.
Company: Algorithms Software Pvt. Ltd.
Raised: Undisclosed
Round: Series A
Funding Month: December 2022
Lead Investors: Norwest Venture Partners
Additional Investors:
Company Website: https://www.xpedeon.com/
Software Category: Construction Management Software
About the Company: Xpedeon is an enterprise SaaS provider for the engineering and construction industries. The company provides a unified, vertical, integrated SaaS platform encompassing finance, construction management, HR, and payroll, among other modules. Xpedeon enables organizations to achieve complete digital transformation within their business with a comprehensive core application suite, mobile apps for project site-based users, and digital supply chain portals to trade electronically with vendors and subcontractors. Xpedeon has worked with marquee clients and has been instrumental in effecting full-scale digital transformations for its customers. Xpedeon is headquartered in Mumbai, with operations across the UK, the Middle East, and India.
Source: https://www.prnewswire.com/in/news-releases/xpedeon-raises-series-a-funding-from-norwest-venture-partners-301706981.html