DETROIT - April 7, 2022 - (Newswire.com)
Livegistics, a Black-owned technology firm based in Detroit, announced today that it has received $6 million in seed funding. This 100 percent cloud-based material management system integrates all project stakeholders in a real-time, GPS-tracked network of digital information, making it the worldwide leader in construction operations software. This historic fundraising round was led by Refinery Ventures, and BlackOps Ventures. Other investors included Detroit Venture Partners, Tappan Hill Ventures, and Reinventure Capital.
Justin Turk, Chief Executive Officer and co-founder of Livegistics, has over 25 years of experience and is committed to using technology to challenge archaic construction practices. Livegistics has grown to over 25 employees globally. Its technology is currently operating in six states and 13 landfills around the U.S. after winning the $1 million grand prize in Grammy award-winning singer, songwriter, and producer Pharrell Williams' "Black Ambition" pitch competition in 2021.
"My father and grandfather once owned and operated Michigan's largest minority-owned asphalt company, so construction is in my DNA," says Turk. "My ambition to achieve and restore system integrity to the industry is still fueled by their legacy. Every business deserves to be unstoppable, and by deploying our technology to work in the field, which is mutually exclusive and profitable, businesses and communities are able to see immediate benefits."
Hardworking truck drivers now stay in their vehicles and digitally cross scales on job sites, landfills, and recycling facilities in just 13 seconds with Livegistics. By minimizing the transmission of pathogens and long lineups outside landfills and in neighborhoods, drivers are able to adhere to social distancing norms. This solution minimizes the usage of paper and dramatically decreases fraud, revenue loss, and lawsuits by utilizing real-time data analytics. Livegistics provides technology to core construction companies that substantially improves their day-to-day operations, ensuring complete transparency by linking all project stakeholders, contractors, trucks, and landfills.
"When I met Justin and Andre, it was immediately clear that this company is poised for hypergrowth," stated Tim Schigel, managing partner of Refinery Ventures. "The combination of their deep expertise and the fact that the construction industry is ripe for innovation and digitization is extremely intriguing. The company's powerful, easy-to-use solution unlocks tremendous value for construction organizations, increasing speed and lowering costs. Plus, customers absolutely love it. We are excited to partner with this rockstar team and look forward to working with them through their next phase of growth."
Only one percent of start-ups receiving venture capital were Black, according to a study by California-based social enterprise RateMyInvestor of 9,874 U.S. business founders. Minorities have historically been underrepresented in the technology business, with Black company founders accounting for only 1.7 percent of venture capital investment. A number of venture capital firms and technology companies have taken steps to address the workforce underrepresentation of Black and Latinx employees. Livegistics plans to use the additional funds raised in its initial seed round to grow its hiring and marketing efforts, as well as resources to scale for national contracts and the launch of the platform's second edition in Q2.
"While mentoring at Transparent Collective, I met the Livegistics founding team. As I am not familiar with the construction industry, it was difficult for me to grasp their product suite at first. However, when I engaged with them on the product, it became painfully evident how essential their software is in the industry. Companies that change tedious, typically paper-based processes into optimized tech solutions always excites me. I am proud that our firm is supporting them in paving the way for significant innovation in the construction space," says James Norman, Black Ops General Partner.
In accordance with the Paris Climate Agreement, Livegistics is devoted to empowering and attaining stricter greenhouse gas laws by lowering carbon-neutral firms, focusing on a clean ecosystem, battery recycling, and promoting sustainable living for our communities. Visit livegistics.com to learn more about ways to save money for your organization while also improving the quality of life in your community.
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Original Source: Minority-Owned Detroit-Based Startup Secures $6 Million in Seed Funding With Groundbreaking Construction Technology