Livegistics, a Black-owned technology firm based in Detroit, has raised $6m (£4.6m) in a seed funding round led by Refinery Ventures and BlackOps Ventures.
This 100 percent cloud-based material management system integrates all project stakeholders in a real-time, GPS-tracked network of digital information.
Other investors included Detroit Venture Partners, Tappan Hill Ventures, and Reinventure Capital.
Justin Turk, chief executive officer and co-founder of Livegistics, has over 25 years of experience and is committed to using technology to challenge outdated construction practices.
Turk commented: “My father and grandfather once owned and operated Michigan’s largest minority-owned asphalt company, so construction is in my DNA.
“My ambition to achieve and restore system integrity to the industry is still fuelled by their legacy. Every business deserves to be unstoppable, and by deploying our technology to work in the field, which is mutually exclusive and profitable, businesses and communities are able to see immediate benefits.”
Livegistics provides technology to construction companies that substantially improves their day-to-day operations, ensuring complete transparency by linking all project stakeholders, contractors, trucks, and landfills.
Tim Schigel, managing partner of Refinery Ventures, said: “The company’s powerful, easy-to-use solution unlocks tremendous value for construction organisations, increasing speed and lowering costs.
“We are excited to partner with this rockstar team and look forward to working with them through their next phase of growth.”
Minorities have historically been underrepresented in the technology business, with Black company founders accounting for only 1.7 percent of venture capital investment, the company said.
Livegistics plans to use the additional funds to grow it’s hiring and marketing efforts, as well as resources to scale for national contracts and the launch of the platform’s second edition in Q2.
James Norman, Black Ops General Partner, added: “Companies that change tedious, typically paper-based processes into optimised tech solutions always excite me. I am proud that our firm is supporting them in paving the way for significant innovation in the construction space.”
In 2021, Livegistics won the $1m grand prize in Grammy award-winning singer, songwriter, and producer Pharrell Williams’ “Black Ambition” pitch competition.
Main Image: Livegistics team, CEO Justin Turk front and centre (Credit: Livegistics)
Read next: Mobility startup Wejo launches new traffic intelligence solution
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.