ALICE Technologies announced that it has increased the size of its Series B funding round by $13 million, thanks to equity financing from Swire Properties and a term loan from Bridge Bank, bringing the total value of the Series B funding to $47 million.
ALICE Technologies’ construction optioneering platform enables general contractors and owners around the world to use artificial intelligence to plan, bid, and build large-scale industrial, infrastructure, and commercial projects more efficiently and safely.
Swire Properties is a well-known Hong Kong property developer with experience in developing and managing commercial, retail, hotel, and residential properties, with a particular emphasis on mixed-use developments in prime locations near major mass transportation interchanges.
It has holdings in Hong Kong, China’s Mainland, the United States, Indonesia, Vietnam, and Thailand.
Bridge Bank, a division of Western Alliance Bank, member FDIC, was founded in 2001 in the heart of Silicon Valley to provide a full suite of banking products and services to the region’s high-growth, emerging companies. Bridge Bank’s mission is to “serve visionary clients in their plans to change the world.
This financing extends ALICE’s Series B round, which was announced in June 2022 and was led by Vanedge Capital. Bouygues, Gaingels, GRIDS Capital, JLL Spark, and MetaPlanet were among the new investors who joined existing investors Future Ventures, Merus Capital, and Rising Tide in the round.
ALICE Technologies created the first construction optioneering platform in the world. ALICE, founded in 2013 on Stanford University research, assists contractors and owners in reducing risk and planning, bidding, and building capital projects more efficiently. Bouygues, Align JV, Hawaiian Dredging Construction Company, and Implenia are among the company’s large customers in the infrastructure, commercial, and industrial construction segments. ALICE is headquartered in the United States, but it also has significant operations in the Czech Republic, the United Kingdom, and India.