Procore

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Procore Technologies
Industry Construction Software
Founded 2003
Headquarters Carpinteria, California
Key people
Craig "Tooey" Courtemanche (CEO)
Steve Zahm (President)
Website www.procore.com

Procore Technologies is a construction project management software company founded in 2003, with headquarters in Carpinteria, CA. Their software allows large teams of construction companies, property owners, project managers, contractors, and partners to collaborate on large-scale construction projects and share access to documents, planning systems and data.[1] Data and video can also be streamed in to the system via drones.[2] As of the end of 2015, the company had 1600 clients, and projects to make more than $75 million in revenue from paid users in 2016.[3] Clients include large-scale builder Mortenson Construction.,[4] the second-largest sports builder in the US[5]

Procore's investors include Venture Capital firm Bessemer Venture Partners, the longest-standing venture capital practice in the United States.[6] Yuliya Chernova reported in the Wall Street Journal that they valued the company at "$500 Million post-money."[3]

Software[edit]

Procore’s project management software includes features such as meeting minutes, drawing markups and document storage for all project-related materials.[7] It is designed to support input from a number of sources including forwarded emails and PDFs.[1] The system can be accessed from all internet-connected mobile devices.[6] Unlike other software offerings in the space, customers are charged per project instead of per user.[7]

Procore's offerings also include an App Marketplace for partner integrations and custom third-party applications. Partners include enterprise file storage and content management company Box,[8] Botlink, a joint venture by Packet Digital) that allows users to stream in both video and data from drones surveying their construction projects.,[2] and Dexter + Chaney, an ERP provider.[9]

In May 2016 Procore released a video demonstrating a working prototype of their software running on Microsoft's Augmented Reality headset, HoloLens. The video depicts a project manager wearing a HoloLens headset on a jobsite, viewing waypoints floating at that location. The project manager interacts with the waypoints and leaves notes for a field superintendent right at the physical location in the environment to which they refer.[10]

History[edit]

Founder and CEO Craig "Tooey" Courtemanche created the software that became Procore as a response to his struggles to manage the construction of his new home in Santa Barbara, from his then-current home in Silicon Valley.[3]

The company had 6 employees at the time of its founding in 2003, originally headquartered in Montecito, CA.[1] The campus is currently situated on a 9-acre oceanfront property. Procore expanded their offices in 2015 to encompass 61,079 square feet.[11] According to architecture firm Kingdom Industry who designed the new space, the office was intentionally designed to feel spatially chaotic and elicit alertness and adaptability in employees.[12]

Procore HQ in Carpinteria CA

In each year since 2010, Procore’s revenue has grown by at least 100 percent, coming in at $4.8 million in 2012.[1] Procore has not publicly disclosed revenue figures since.

Reception[edit]

Software review company Software Advice ranked Procore the #1 most popular construction software,[13] based on number of users, search traffic, and social media presence. Procore's office was included in a list of the 11 best office spaces in the U.S.[14]

References[edit]

  1. ^ a b c d Nellis, Stephen (20 June 2014). "Procore to build out South Coast operations with $15M Bessemer raise". Pacific Coast Business Times. Retrieved 5 May 2016.
  2. ^ a b Miller, Patrick (3 Mar 2016). "Botlink: Data isn't a problem for well-connected drones". UAS Magazine. Retrieved 6 May 2016.
  3. ^ a b c Chernova, Yuliya (31 Dec 2015). "Startup Procore's Valuation Nears That of Public Competitor Textura". Wall Street Journal. Retrieved 5 May 2016.
  4. ^ "Procore Technologies Wins Big Construction Client". SoCal Tech. SoCal Tech LLC. 2 Feb 2016. Retrieved 31 May 2016.
  5. ^ Kirchen, Rich (19 Mar 2016). "Mortenson Construction picked for $500M Milwaukee Bucks arena". Minneapolis/St. Paul Business Journal. American City Business Journals. Retrieved 31 May 2016.
  6. ^ a b "Bessemer Venture Partners backs Procore with 15m investment". AltAssets. 11 Jun 2014. Retrieved 31 May 2016.
  7. ^ a b Slowey, Kim. "Procore offers daily data with launch of Construction Health Indicator". Construction Dive. Industry Dive. Retrieved 6 May 2016.
  8. ^ Anderson, James (24 Feb 2016). "Procore Launches App Marketplace, Partner Program For Construction Industry". Channel Partners. Informa Exhibitions. Retrieved 6 May 2016.
  9. ^ "Dexter + Chaney and Procore Partner to Offer Integrated Project Management". The NEWS. BNP Media. 2 Mar 2016. Retrieved 6 May 2016.
  10. ^ McManamy, Rob (29 May 2016). "Minory Report, HoloLens, and Procore's Preview". BuiltWorlds. Retrieved 31 May 2016.
  11. ^ Hoagland, Ted (7 Jan 2016). "Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter". Noozhawk. Malamute Ventures. Retrieved 6 May 2016.
  12. ^ Rhodes, Margaret (30 June 2015). "The Startup That Designed Its Office To Confuse Workers". Wired. Conde Nast. Retrieved 5 May 2016.
  13. ^ Finch, Janna (2 Dec 2015). "Procore Tops 10 Most Popular Construction Software Products". ForConstructionPros.com. AC Business Media. Retrieved 5 May 2016.
  14. ^ Jez, Karolina (26 Aug 2015). "Design Love: 11 of the Best Office Spaces in the United States". Notable.ca. Notable TV Corp. Retrieved 11 May 2016.