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Friday, May 24, 2024

Durham-based Higharc raises $53 million

Higharc, a Durham-based company that has created a cloud design system for homebuilders, has raised $53 million to expand its operations.

Spark Capital and Pillar VC led the investment, with participation from SE Ventures (Schneider Electric’s Venture Arm), Fifth Wall, Starwood Capital, Standard Investments, Home Depot, Ferguson, Simpson Strong-Tie, Mulhern+Kulp Engineering, Suffolk Technologies, RXR Realty, PSP Growth, Metaprop, and SC Masterfund.

Other investors include Carl Bass — the former Autodesk CEO — along with leaders from Mighty Buildings, Welcome Homes, CBRE and Ware Malcomb.

“Higharc exists to serve the hardworking teams who build homes across America – they’ve been stuck using 40-year-old software that wasn’t designed with their needs in mind, and they deserve better,” said CEO Marc Minor in a statement. “This additional capital reinforces Higharc’s long-term commitment to the success of our customers and to unlocking digital transformation for the entire homebuilding industry.”

The investment brings Higharc’s total capital raised since 2018 to $78.7 million.

Higharc says it will use the money to expand its automated materials estimating and generative AI-based workflows.

The company says its technology can eliminate 90 days from the design cycle for new communities — a 75% reduction.

The software replaces the “pen and paper” processes and software solutions that dominate the industry. It provides ways to design, estimate, sell and build homes for homebuilders in one place.

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

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