Unearth Technologies, a Seattle startup that develops mapping software for the construction industry, announced Friday it was acquired by Procore Technologies, a publicly traded company based in Southern California. Terms of the deal were not disclosed.
Founded in 2016, Unearth sells mobile software called OnePlace, which aims to bring together construction project data within comprehensive maps by using geographic information system (GIS) technology. Customers include contractors, utilities, and Fortune 500 companies.
“Over the years, Unearth has helped our customers manage thousands of miles of buried utilities — we’ve seen our product deployed at dams, air bases, across swaths of rugged forest, and more,” Unearth CEO and co-founder Brian Saab wrote in a blog post Friday.
Saab started the company with Amy Hutchins and Nate Miller; all three were colleagues at Seattle travel software startup Buuteeq, which was acquired by Priceline in 2015. Miller left Unearth in 2021 and is now at Cisco.
Saab and Hutchins will remain at Procore in director roles.
Unearth raised a $7 million Series A round in 2019. Investors include Cercano (formerly Vulcan Capital); Madrona Venture Group; and others. The company raised $3 million in 2021 as part of a debt financing.
Founded in 2002, Procore offers a suite of construction software products to more than 15,000 customers. The company reported $229 million in revenue for the second quarter, up 33% year-over-year.
McKinsey estimates that $50 billion was invested in the architecture, engineering, and construction technology sector between 2020 to 2022 — 85% higher than the previous three years.
Acquisitions of VC-backed companies this year will likely hit a decade-low amid higher interest rates and persistent inflation, according to the latest PitchBook-NVCA Venture Monitor.
Acquisition activity has significantly declined in the Pacific Northwest in 2023, according to GeekWire’s M&As and IPOs tracker. Startups acquired this year include DreamBox Learning, Loftium, Apptentive, Zapproved, and others.
Source: Geek Wire
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