News Summary
RIVET Work Inc., a Detroit-based company providing innovative workforce management software for the construction industry, has secured $6 million in funding from Brick and Mortar Ventures. This investment will allow RIVET Work to expand into the mechanical engineering market and enhance its service offerings. The firm, founded in 2020, aims to modernize labor allocation processes on job sites, with plans to significantly grow its business and team in the near future.
RIVET Work Secures $6 Million Funding to Expand into Mechanical Engineering Market
RIVET Work Inc., a company based in Detroit, has announced that it successfully secured a $6 million investment to enhance its operations within the mechanical engineering market. This recent funding was obtained from Brick and Mortar Ventures, a prominent venture capital firm located in San Francisco, in December 2023. This investment marks a significant advancement for RIVET Work, which now boasts a total of $14 million in funding since its inception.
Founded in 2020, RIVET Work has quickly made its mark on the construction industry by developing innovative software designed to improve workforce management. The initial funding came from several key Michigan-based investors, including Augment Ventures, Detroit Venture Partners, Michigan Rise, and Red Cedar Ventures. This local support has underscored the company’s commitment to not only technological advancement but also to regional economic growth.
Addressing Outdated Processes
The company was established by an electrical engineer who recognized the inefficiencies in traditional workforce management systems used by contractors. RIVET Work’s software automates the allocation of labor on construction job sites, enabling teams to collaborate more efficiently and share information easily. This is particularly critical in an industry often plagued by outdated methods that can hinder productivity and project success.
Furthermore, the software enables contractors to measure labor productivity using specific metrics, such as the number of units installed per day per individual. By offering these insights, RIVET Work aims to empower construction teams to optimize their workforce and enhance overall project performance.
Future Expansion Plans
The recent funding will facilitate RIVET Work’s transition into the mechanical engineering sector as they look to broaden their product offerings. As the company continues to grow, it is expected to significantly increase its client base, with an ambition to double or even triple the number of businesses that utilize its services. Currently, RIVET Work collaborates with approximately 130 organizations across the United States.
RIVET Work is headquartered in the Madison building overlooking Grand Circus Park in Detroit and currently employs around 40 individuals. However, as the company continues to expand, it has been reported that it is rapidly outgrowing its current office space. Plans are already in motion to seek a new location in downtown Detroit by 2025, reflecting the ambitious growth trajectory of the firm.
A Commitment to Detroit
The company’s CEO and his wife made a significant commitment to the Detroit area in 2011, investing in a home and actively engaging in the city’s revitalization efforts. This local connection strengthens RIVET Work’s desire to develop its operations in an environment that shares similar values with the construction industry. The CEO believes that Detroit provides an ideal backdrop for the company’s objectives, aligning with their ethos of promoting economic growth and innovation.
As RIVET Work prepares for new challenges and opportunities in the mechanical engineering market, it remains focused on driving efficiency and productivity within the construction sector. With its innovative workforce management solutions, RIVET Work is poised to make a lasting impact on both the construction and engineering industries, further solidifying its position in an ever-evolving marketplace.
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Additional Resources
- Crain’s Detroit Business: Startups Net Nearly $100M Across Eight Deals in Q2
- Wikipedia: Workforce Management
- Detroit Free Press: Job Corps Centers Pause in Michigan
- Google Search: Job Corps Michigan
- MLive: Resource Fair for Students Affected by Job Corps Closure Planned in Detroit
- Google Scholar: Job Corps
- New York Times: Kristen McDonald Rivet Democrats Michigan House
- Encyclopedia Britannica: Job Corps
- SiliconANGLE: RIVET Secures $6M to Enhance Workforce Management Solutions
- Google News: RIVET Work Inc
