Downtobid Raises $3.4 Million to Build AI Bidding Tools for GCs and Subs
Written by Andy Lee
September 2024 — Los Angeles, CA — Downtobid, a company focused on improving the construction bidding process through AI, has raised $3.4 million in a funding round led by Uncommon Capital and Bedrock Capital.
Downtobid is developing a set of AI-powered tools specifically designed for general contractors (GCs) and subcontractors (subs). Unlike other solutions, Downtobid has built separate products for GCs and subs because the founders recognized that addressing the distinct needs of each group is crucial for fostering collaboration in construction. This approach has been central to the company’s development strategy and has supported its growth.
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Downtobid's Planroom
Since its launch in April 2024, Downtobid has partnered with 10 general contractors and continues to expand. The AI technology assists in analyzing construction plans and building project-specific subcontractor lists, helping GCs reduce the time spent on these tasks. BasisBoard, one of Downtobid’s key products, is already used by over 90 subcontractors.
An interesting development since the company’s launch is the organic formation of a modern construction bidding network. General contractors using Downtobid are increasingly sending bid invites to subcontractors who also use the platform, which is an early indication that a more efficient and collaborative bidding ecosystem is taking shape.
Additionally, Downtobid is introducing a new subcontractor network that will compete with existing services like Bluebook. This network is designed to streamline the process of finding suitable subcontractors for projects.
“Our focus has been on creating separate tools for GCs and subs, which has supported our growth,” says Kevin Wu, Co-Founder and Chief Product Officer at Downtobid. “We’re starting to see the early signs of a modern construction bidding network forming, and we look forward to using this new funding to further develop our offerings.”
For more information about Downtobid, visit www.downtobid.com
About Downtobid
Downtobid is a company that uses artificial intelligence to enhance the construction bidding process. The company’s tools are designed to serve the specific needs of general contractors and subcontractors, making the bidding process more straightforward. Downtobid was founded in 2024 and is steadily growing in the construction technology sector.
For media inquiries, please contact: Sadie Mansfield | Head of Operations w: downtobid.com e: sadie@downtobid.com c: 469.405.4142