San Francisco Bay Area based ConXtech, Inc., a leader in construction technology, announced it has closed on a capital raise of $25 million. The investment comes at an inflection point for the company as it prepares to meet increasing global demand for ConX, its Chassis Based Modular™ structural steel framing system. The capital will be used to build additional fulfillment capacity, and to expand into new geographies and vertical markets.
The Series D investment was led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia's National Oil Company - Saudi Aramco; and a venture fund associated with Tulsa Oklahoma based George Kaiser Family Foundation (GKFF).
ConXtech's products and technologies enable production of steel structures in a high-tech factory environment resulting in unprecedented productivity, dimensional accuracy and quality. Distributed throughout ConX structures are the company's manufactured moment connections that are factory welded to beams and columns, transported to the building site, then simply and safely Lowered & Locked™ together in the field - no field welding required. The modular system simplifies design, detailing, fabrication and field assembly, accelerating the delivery of a structural frame by 2X - 5X vs. any conventional method.
'Response to ConXtech's technologies at Saudi Aramco has been unprecedented,' states Nabil Al-Khowaiter, SAEV CEO. 'Our engineering and investment teams immediately recognized the value and efficiencies that the ConX System brings to the design and construction process, in terms of time, installed cost, safety and ongoing operations. We view this technology as the future not only for the energy sector, but also for non-oil related infrastructure.'
Saudi Aramco is best known as one of the world's largest petroleum companies. In addition to developing oil and gas facilities, Saudi Aramco is rapidly expanding its business to become a global leader in petrochemicals. The company has also managed construction of large infrastructure projects such as stadia, healthcare and university facilities - all market segments in which ConXtech delivers significant value.
'We are honored that Saudi Aramco recognizes the need for a safer more systemic approach to construction,' states Robert J. Simmons, CEO/CTO of ConXtech. 'Over the past ten years we've proven the value of ConX domestically by delivering nearly 10 million square feet of structure into a variety of vertical markets. This strategic capital provides the resources to help scale our fulfillment to meet growing global demand.'
About ConXtech:
ConXtech is a privately-held construction technology company based in the San Francisco Bay Area. With the mission to 'Improve Lives by Changing the Way the World Builds' the company offers ConX, a Chassis Based Modular™ structural steel system based on standardized moment connections and building assemblies. The system enables efficient delivery of robust and brace free structures for industrial, high-density residential, commercial, healthcare, data center and other applications. ConX is the first Cradle to Cradle Certified (CM) structural steel solution in the world. It reduces project schedule and installed cost compared to conventional structural options. The system enables all project stakeholders to predictably build Faster, Better, Safer and Greener™. For more information about ConXtech, visit http://www.ConXtech.com.
About Saudi Aramco Energy Ventures:
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV's mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, visit http://www.aramcoventures.com.