HOLT Ventures, the venture capital arm of HOLT CAT, announced its investment in Document Crunch, an artificial intelligence platform designed specifically for the construction industry.
Created by a team with more than 30 years of combined experience in construction law and risk management, Document Crunch enables users to review complex project documents, including contracts, specifications and insurance policies quickly and easily, identifying a curated list of key provisions and providing sample language, insights and rationale, according to the company.
"Document Crunch is the first artificial intelligence tool in the construction industry that provides transparency regarding what we believe are the critical risks in important project documents," explained Co-Founder and Curator Joshua Levy. "Not only does this save time and money, it helps users identify and contextualize potentially catastrophic issues."
The Document Crunch platform allows users to upload documents on a case-by-case basis, with no minimum requirements, up-front costs or commitments. Within minutes, the artificial intelligence technology, with an algorithm that has been trained by construction industry experts, will identify a curated set of key provisions for the type of document uploaded and provide insight based on the type of provisions found, according to the company. This is critically important as it can help anyone in the construction industry better appreciate major risks that may have otherwise gone unrealized.
"HOLT Ventures' goal is to advance ideas and technologies that are disrupting the industry," said Meg Paulus, HOLT Ventures partner. "The founders of Document Crunch have a long history in the industry and intimate knowledge of the issues their customers face, which is what makes the product so unique. When speaking to customers, it was evident that nothing like Document Crunch existed, and that it was greatly needed in the market."
Document Crunch recently was named the winner of the Industrial Grade Innovation Conference "Start-Up Battle." Produced by The Association of Union Constructors (TAUC), the "Start-Up Battle" pits new construction technology firms against each other to pitch their products to a group of seasoned venture capitalists as well as various industry members.
"It is exciting to see our idea turn into a solution now being used by the construction industry, and then have that solution get amazing accolades like the ‘Start-Up Battle' win," said Adam Handfinger, a Document Crunch co-founder and advisor. "Winning the challenge coincides with our new partnership with HOLT Ventures, which we are equally excited about. We can't wait to see what the future holds for Document Crunch."
Document Crunch soft launched at the end of 2019, and with the investment from HOLT Ventures, is now in the growth stage, gaining traction throughout the construction industry with users ranging from a number of leading contractors, to small and medium-sized construction companies across the country.
"Many small- to mid-size companies don't have inhouse lawyers or other risk management professionals, so reviewing long and complex contracts can be costly and time consuming," explained Levy. "Builders want to build, and operators have no appetite for getting bogged down by all of the small print. Document Crunch unlocks subject matter expertise at a fraction of the cost and allows companies to reap the benefits of AI technology without investing significant time and resources into training their own contract/document review platform."
Construction technology continues to reshape the industry, increasing safety, productivity and profitability. The continued advancement in artificial intelligence and its application in the construction industry is among the newest technologies and tools that inspired HOLT to create HOLT Ventures, the company said.
"Innovation was the driving force behind our own company's evolution, and we are dedicated to supporting innovation for our customers and the industries we serve," explained Peter J. Holt, CEO of HOLT CAT.
The mission of HOLT Ventures is to optimize the service, manufacturing, rental and distribution businesses for the future while adapting to evolving customer demands. HOLT invests in early stage companies, building partnerships and piloting new technologies to help build and scale small business.
For more information about HOLT Ventures, , visit holtventures.com.
For more information about Document Crunch, visit documentcrunch.com.