Xpedeon, a vertical cloud-based software platform (SaaS) for the Engineering and Construction industry announced that it has closed 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.
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. 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.
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. 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.
"The global market for construction software is expected to reach USD 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, Chief Executive Officer.
"The construction sector has historically seen low digital adoption with most companies either relying on manual processes or point solutions leading to low overall productivity. Xpedeon provides a fully integrated construction-specific SaaS platform that serves Fortune 500 companies and has developed a proprietary and robust tech stack which can be scaled globally. Janak and Seema have built a bootstrapped, profitable business and we are delighted to partner with them in their growth journey as they digitally transform construction businesses across the world," said Niren Shah, Managing Director and the Head of Norwest India.
Xpedeon, headquartered in Mumbai with operations across the UK, Middle East and India, is an Enterprise SaaS provider for the Engineering and Construction industry. The company provides a unified, vertical, integrated SaaS platform encompassing finance, construction management, HR, Payroll among other modules. Over the years, Xpedeon has worked with marquee clients and has been instrumental in effecting full-scale digital transformations for its customers. For more information about us, visit https://www.xpedeon.com
Norwest Venture Partners is a global, multi-stage investment firm that manages approximately USD 12.5 billion in assets and has funded more than 650 companies in the last six decades. Norwest Venture Partners is focused on early to mid-stage venture capital and growth equity investments across a wide range of sectors including SaaS, Fintech, Insurance, Consumer-tech, B2B, Healthcare, Logistics among other sectors.
Some of the prominent investments include OfBusiness, Swiggy, Amagi, Xpressbees, Gong, Harness, DemandBase, Vast Data, and Dremio. Norwest has offices in Palo Alto, San Francisco, India, and Israel. For more information, visit nvp.com or twitter.com/@NorwestVP.
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( With inputs from ANI )
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