BuildOps, a Los Angeles-based startup building software for commercial contractors, has raised $127 million in a Series C round, pushing its valuation to $1 billion.
The funding was led by Meritech Capital, with participation from Bond Capital, SE Ventures (Schneider Electric’s VC arm), and existing investors including Fika Ventures, Next47, StepStone Group, and Titanium Ventures.
Streamlining Commercial Contracting with AI-Powered Software
Founded in 2018, BuildOps offers an AI-driven field service management platform designed for HVAC, plumbing, electrical, and mechanical contractors. Its tools help with:
- Project management
- Dispatching
- Invoicing
- Service operations
CEO Alok Chanani says the goal is to modernize an industry still reliant on outdated tech:
“Contractors keep our world running, but they’re under pressure from labor shortages, rising costs, and inefficient tools. BuildOps helps them thrive.”
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Rapid Growth and Strong Customer Base
Since launching in 2020, BuildOps has:
- Grown revenue exponentially, tripling in 2021 and 2022, then doubling in 2023 and 2024
- Surpassed 1,000 commercial contractor customers, including J.H. Kelly, Haynes Mechanical, and Baker Electric
- Expanded its team to 375 employees, up 50% from last year
The company operates on a SaaS model with per-user pricing under annual contracts.
What’s Next
The fresh capital will be used to:
- Hire more talent across engineering and sales
- Enhance product development, with a focus on APIs
- Explore strategic acquisitions to strengthen the platform
While not yet profitable, the company is prioritizing aggressive scaling. Meritech partner Paul Madera, who joins the board, called BuildOps “the most complete commercial services operating system in the industry.”
With $127M in new funding and a unicorn valuation, BuildOps is well-positioned to lead the digital transformation of the $800B commercial services market.
