Goldman Sachs invests in construction finance platform Rabbet in $8 million Series A

Goldman Sachs invests in construction finance platform Rabbet in $8 million Series A
22.02.2019 06:43 am

Goldman Sachs invests in construction finance platform Rabbet in $8 million Series A

Artificial Intelligence , Infrastructure

Rabbet, a leading intelligent construction finance platform, announced today it has closed an $8 million Series A round backed by Goldman Sachs’ Principal Strategic Investments group, QED Investors and Camber Creek.

Rabbet brings efficiency, accuracy and visibility to the complex construction finance industry. The platform uses machine learning to parse documents and connect information for reduced administrative burden, instant compliance and faster decision-making for real estate lenders and developers. 

“With the support of Goldman Sachs, QED and Camber Creek, Rabbet will further its mission to bring frictionless transactions to the construction industry,” said Will Mitchell, Rabbet CEO and co-founder. “Our name represents our commitment to strengthening connections in the real estate industry and fueling today’s connected construction economy. Through intelligent automation, our platform provides operational efficiency, improved customer experience and faster payments, representing a $21 billion opportunity for lenders and borrowers.”

With the new funding, Rabbet, formerly known as Contract Simply, will continue to invest in the development of its automation platform, expand service offerings and cultivate partnerships with leading construction lenders, developers and other industry stakeholders. It will also support the company’s efforts to expand its software engineering and sales teams in Austin.

“We firmly believe construction finance is going to be automated and brought out of its decades-old, paper-ridden process. Rabbet is the only solution we’ve seen that can handle the complexity of this transition. We are committed to being on the forefront of technology, and working with Rabbet ensures we stay on the leading edge,” said David Bell, Managing Director of Goldman Sachs’ Construction group.

Founded in 2017, and accelerated with Y Combinator, the company has seen rapid growth since its seed round in October 2017 led by Tectonic Capital. To date, Rabbet has improved efficiency for projects sized up to $150 million coast-to-coast.

Related News

Capacity Unveils AI Knowledge Sharing Platform; Boosts Workplace Productivity

Capacity officially introduced its secure, AI-native knowledge-sharing platform. Designed to meet the expectations of today’s workforce, Capacity is a cloud-based system built... Read more »

Calypso and 2021.AI team up to leverage AI in financial institutions

Calypso Technology Inc. and 2021.AI are joining forces in a new partnership with the aim of optimizing back-office processes for Calypso’s global client base. Combining their... Read more »

DataRobot launches its First AI Investment Workflow with FactSet

FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading service, and ... Read more »

Swiss Re Group Chooses Expert System to Power Knowledge-Intensive Processes with Artificial Intelligence

Expert System announces that it has been working with Swiss Re leveraging the advanced features of Cogito®, a strategic NLU (Natural Language Understanding) technology. With... Read more »

FinTech partnership strengthens position of five°degrees and W.UP in European banking and finance market

Today five°degrees; a digital core banking provider, announces its partnership with W.UP, a banking provider that uses artificial intelligence to generate digital revenue and... Read more »

Capita partners with UiPath to enhance RPA capability

Capita announces it has entered a partnership with UiPath, the world’s leading Robotic Process Automation (RPA) software provider. As Capita’s preferred provider of RPA... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel