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The new funding, led by Mucker Capital, will help to scale the platform internationally and accelerate the development of new products
cove.tool, a platform that automates building design to optimize costs and performance targets, today announced the closing of a $5.7 million Series A investment led by Mucker Capital. The new funding will allow cove.tool to scale its platform internationally and accelerate the development of new products for the architecture, engineering and construction industries. Mucker joins previous investors, Urban.us, Knoll Ventures, and Tech Square Labs.
“Demand for new buildings and construction is only increasing. It’s our goal to empower architects and builders with the tools needed to achieve their targets and save on time and costs, while also reducing carbon emissions in the fight against climate change in the process,” said cove.tool CEO, Sandeep Ahuja. “We are extremely grateful for the incredible support we’ve received from Mucker Capital and look forward to working together to apply their software expertise as we continue to scale our technology.”
"Our iterative approach to software development and emphasis on user feedback allows us to respond to industry trends while providing best in class support. Providing real value to our users on an ongoing basis is one of our key principles. Data drives not only our tools but also our people and processes," said cove.tool CTO, Daniel Chopson.
"Buildings account for 39% of carbon emissions and if we realistically hope to stop climate change, we have to automate simulations for better design choices by architects and engineers," points out Patrick Chopson, Co-Founder in charge of product development.
Omar Hamoui, Partner at Mucker Capital said, “We are excited to support Sandeep and the cove.tool team in this next chapter, as sustainable design is rapidly becoming a necessity in the built world."
cove.tool has thousands of users across 22 countries, including leading architects, engineers, contractors and developers like EYP, P2S, Skanska and JLL. In addition, the platform is being taught at universities across the country, including California Polytechnic State University, Georgia Institute of Technology, University of Illinois and UNC Charlotte. The company is an alumnus of URBAN-X, the MINI-backed smart city startup accelerator.
Together, buildings and their construction account for 39 percent of carbon emissions annually. Less than 50 percent of buildings, however, are built with energy considerations. As cities continue to grow, demand for new buildings and construction will only increase alongside it. cove.tool is providing the industry a new way to build affordable, energy-efficient buildings, while also contributing to a reduction in carbon emissions in the fight against climate change. In fact, using cove.tool, a single project can save the equivalent of 40,000 trees worth of carbon per year.
cove.tool is a building design platform for intelligent performance. Through streamlined automated analysis that helps architects, engineers, contractors and developers use data-driven design through automation and cost optimization, cove.tool is making the built world sustainable and efficient in the fight against climate change.