Homebuilder software company TraceAir raises $25 million with plans to add staff

Seattle-based homebuilder tool TraceAir has raised a $25 million Series B round.

With the funding, which TraceAir announced Wednesday, the company is looking to expand its customer support, operations and sales teams, according to Samantha Burns, head of marketing at TraceAir.

The company has about 130 employees, of which only about five are based in Seattle, she said, and declined to speculate on how many employees the company will add over the next year.

"We have a couple of tools in the works that will leverage machine learning and artificial intelligence," Burns said. "We currently have a lot of solutions at the project management level, and we're continuing to offer and build more solutions for the executive management level as well."

Maria Khokhlova, co-founder and chief product officer of TraceAir, said the company doesn't have office space in the U.S. and works fully remote.

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TraceAir, founded in 2015, has a network of drone pilots that fly drones over project sites to capture data around dirt balance, progress and lot grade analysis. The company primarily works with homebuilders and land developers. TraceAir processes the data overnight and makes it available to clients through smartphones or computers. In the past, according to Burns, gathering this data required physically walking the site.

The company says its services are available in more than 40 states and Canada. It works with homebuilders like D.R. Horton and Pulte Homes.

PeakSpan Capital led the Series B, while Flashpoint Venture Capital and others participated. PeakSpan has invested in the lease management tool Leasecake and the employee recognition tool Nectar.

Khokhlova said the shortage of homes and labor is forcing TraceAir's clients to look for efficiencies.

"Whatever it takes to accelerate the projects to make them start and finish faster, that's what we do," Khokhlova said.

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