Togal.AI Raises $5M in pre-Series A Funding Round
Miami, Florida-based software firm Togal.AI announced that it had raised $5 million in a pre-Series A SAFE round with a $50 million valuation cap, according to a March 21 press release shared with Construction Dive. The round was led by Florida Funders,a Tampa-based venture capital firm, and a roster of both new and existing investors including Meta and Goldman Sachs.
Togal.AI is developing an advanced pre-construction technology using deep machine learning to help contractors with the bidding process. This technology automatically detects, measures, compares, and labels project spaces and features on architectural drawings. Their pilot runs have shown the system can speed up project takeoff by 80% and analyze floor plans with 98% accuracy.
By expediting the process of submitting bids, without compromising the quality of the bids, a company can submit more bids. More bids increases the probability of winning more bids.
Togal.AI was founded by Patrick Murphy, the firm’s CEO, who represented Florida’s 18th district in Congress from 2013 to 2017 and is also CEO of Miami-based Coastal Construction, a large general contractor in Florida and the Southeast. With the experience running Coastal Construction, Murphy is intimately familiar with the bidding process.
Future developments will integrate a GPT, or generative AI, search feature to allow users to search for words, objects, tags, and symbols within a set of plans, spec books, or related documents.
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