Tech Funding Recap for May 17, 2021

There is no doubt that the tech industry is booming. Companies are keeping up by raising money that they can devote to growing their businesses so they can develop innovative products that will make life more convenient.

Swap and Trip Actions are two companies worthy of recognition for their fundraising efforts as well as their new product developments. Read on to find out what they’ve been up to in the past couple of months.

Swapp

The construction industry is vital to almost everything we do. Without this booming life force, we wouldn’t have buildings to live in, buildings to work out of, and life would basically come to a standstill. Every year, organizations raise billions of dollars to fund infrastructure projects that are the foundation of our existence.

But the construction process is not so simple. It requires a variety of contractors including architects, engineers, and land surveyors. Waiting on everyone to get on the same page slows the process down significantly.

Swapp is speeding things up by introducing an AI powered platform that eliminates the need to bring in so many experts. Contractors can simply upload site, floor drawings, and requirements for the exterior and interior of the project. Customers receive a selection of algorithmically generated cost and time efficient planning options to choose from.

The system takes tasks like initial mass planning and the analyzing of architecture typologies and automates them. It integrates with third party platforms around the world. It takes the information it has gathered and presents it via a dashboard that can be viewed on the web.

The company recently announced it raised $7 million in venture capital. This will be used towards growing its platform’s AI capabilities and continuing the company’s market expansion.

Trip Actions

When it comes to travel, we all like to find the most convenient flights and accommodations at the most affordable prices. Trip Actions is a booking and management platform that offers real time data and insight into business and travel expenses.

The company’s AI enabled system gives clients information on flights, car rentals, and accommodations, as well as round the clock access to travel agents worldwide. But where it really shines is in its ability to offer an end-to-end tool that encompasses travel and expense management.

The Trip Action system offers a spend management platform that companies can use to filter and view travel and expense data. With all the data in one place, it is easier for them to run reports that allow them to assess real time spend so they can budget accordingly.

The platform relies heavily on AI and machine learning to suggest flights and hotels based on the customer’s preferences and past travel behavior. Its ability to classify each expense into a category, detect items that aren’t under company policy, and align spending with corporate events makes it even more convenient.

The company recently announced the closing of a $155 million series E round of funding. As a result, the organization is now valued at $5 billion, up from its $4 billion dollar evaluation after its D round series 18 months ago.