Acelab Announces $5.3M in Funding for Building Product Selection Platform
- Acelab
- Team
Capital will support the growth of Acelab’s platform that more than 7,000 architecture practices use to find the best available products for construction projects.
NEW YORK, August 3, 2023 — Acelab, the single source destination for product selection in the building industry, today announced that the company has raised $5.3 million in funding. Pillar VC, PJC and Draper Associates co-led the round, with additional investors including Alpaca, Steve Kaufer (Founder and former CEO of TripAdvisor), Erik Jarnryd (Former CEO of Harvey Building Products), Transcend Partners, Branagh Construction, Ken Lang, Klingenstein Fields, and Westview PE Fund.
“Acelab has emerged as one of the most widely used product specification platforms in the construction industry, with thousands of design and build firms now using Acelab monthly,” said Vardhan Mehta, CEO and co-founder of Acelab. “With this new funding, Acelab is well-positioned to become the industry standard for how all architects research and select building products.”
Architects in the US specify over $100B worth of construction products every year, but many architecture firms lack a standard specification workflow or access to a comprehensive library. This results in lost information, multiple revisions, and scattered communication across emails, phone calls, and sticky notes, ultimately leading to errors and decreased productivity. Acelab’s platform is currently being used by over 7,000 architecture practices around the country, including project teams at well-known firms such as AECOM, Gensler and SOM. Acelab’s product database has also grown to over 39,000 products across categories such as windows, doors, cladding, roofing and insulation.
“Acelab has built the most sophisticated and comprehensive solution for architects to collaborate internally and externally on their product selection workflows,” said Tim Draper, founder of Draper Associates. “In the coming years, we look forward to working with Acelab as the company continues to build impactful products that support the construction industry to bring projects from vision into reality.”
In the spring of 2023, Acelab introduced a range of new capabilities for its machine learning-based platform, including:
ProductAdvisor, Acelab’s proprietary search engine for visually guiding users through the building product ecosystem.
Project Workspace for organizing product shortlists in a personalized Project Workspace and sharing it with colleagues.
Collaboration Portal for connecting users with an Acelab product expert or a manufacturer’s specialist for critical product information, price quotes and lead times.
“As the former CEO of Revit and general manager at Autodesk, I have been fortunate to play a leading role in revolutionizing the design and documentation of buildings,” said Dave Lemont, executive chairman of Acelab. “Acelab’s platform enables architects to find optimal product solutions for construction projects with ease. I’m excited to propel the industry forward by instigating a much-needed revolution in product specifications and research.”
"Acelab possesses uniquely powerful network effects in that architects, building product manufacturers, and contractors all get huge value from one another using the platform,” added Parker McKee, principal at Pillar VC. “We expect this dynamic will only compound as the company continues on its current growth trajectory."
Architects can learn more about Acelab and join for free at www.acelabusa.com.
About Acelab
Acelab is the single source product selection platform for the construction industry. Acelab democratizes access to structured data for every building product available in the US, enabling architects, builders and contractors to select from thousands of options and make informed decisions. Acelab is backed by prestigious venture funds, including Pillar VC, Draper Associates, PJC, Transcend Partners, Alpaca and MIT’s MET Fund. To learn more and sign up for free, visit www.acelabusa.com.
