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Construction start-up Gravel secures $14m for global expansion
Gravel cofounder and chairman Nicholas Sutardja says the fresh funds will be used to access new markets.
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Gravel cofounders and CEOs: Georgi Ferdwindra Putra (left) and Fredy Yanto (Courtesy of/Gravel)
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akarta-based construction network Gravel has raised US$14 million, which it plans to use for venturing into the international market and expanding its operations.
Participants in the funding round include New York-based New Enterprise Associates (NEA), Marvell Technology Group cofounder Weili Dai, Lip-Bu Tan, who is the chairman of Cadence Design System and executive chairman of Walden International, Sinar Mas corporate venture arm Sinar Mas Digital Ventures (SMDV) as well as Indonesia’s East Ventures, along with other strategic investors.
Gravel cofounder and chairman Nicholas Sutardja stated on Monday that the fresh funds would be used to expand to the international market.
He emphasized the aim for the start-up to leave a significant imprint on the international construction tech landscape, having already been used in 6,000 projects across 20 provinces within the country.
Additionally, the company revealed the upcoming launch of a predictive model utilizing artificial intelligence (AI) solutions to monitor project progress.
“Our innovative strategy is not only about revolutionizing the industry but also about uplifting the lives of Indonesian construction workers across the country. Indonesia is just the beginning, and the impact [can be global],” said Nicholas, who also serves as a CEO of semiconductor firm Danger Devices.
Read also: Shrimp farming start-up Jala nets $13.1m in series A round
