Armed with $21.5 million Series B, AI startup Document Crunch is ready to grow workforce in ATL
Investors have taken note of Document Crunch, the Atlanta-based AI platform focused on contract review for the construction industry.
The team, led by co-founder and CEO Josh Levy, just announced a $21.5 million Series B funding round.
That news comes the day after Levy’s pitch helped Document Crunch secure the prize of top growth-stage company at this year’s Venture Atlanta, a conference that brings together Southeast startup founders and investors from across the country.
“Entering A True Growth Stage”
Document Crunch’s $21.5 million Series B round was led by San Francisco-based Titanium Ventures. Other investors in the round include several major construction companies and a group of previous investors.
The round comes on the heels of raising a $9 million Series A earlier this year, and Document Crunch saw interest from investors who started reaching out directly after seeing the startup's growth and traction in the construction industry.
Levy said that the funding news shows that Document Crunch is “entering a true growth stage” and is about “pouring gas onto [the startup’s] go-to-market strategy.”
Launched in 2019, the startup moved from Florida to Atlanta in 2021. The platform started as a contract review system for back-office legal and risk teams working on pre-construction and negotiation projects. But Levy said the startup saw an opportunity to expand “from the back office to the field” by helping with contract administration on a project site. This provides a “level of assurance” that teams are complying with legal requirements on a construction site.
The $21.5 million funding round is one of the largest VC-led rounds to be announced in Atlanta in the last year, as global investment dollars have been deployed at a glacial pace compared to what we saw during the pandemic.
Levy said it is Document Crunch’s “deep vertical focus” in the construction industry that has helped the startup gain traction with investors.
“I just can’t think of a vertical AI solution that is moving the needle for an industry like Document Crunch,” I told Hypepotamus.
Constructing What’s Next
Levy told Hypepotamus that the funding round will help the company “recruit the very best talent.”
The team has grown to be 60 full-time employees and has opened up offices in Alpharetta, Georgia and Austin, Texas. But good news for people in the Metro Atlanta area: Document Crunch is going on a hiring spree. The team currently has open roles across engineering and marketing teams.
Levy said that the team is expected to grow to 100 employees over the next several months.
