Flashpoint makes the 8th investment in Israel increasing total number of investments to 37 across all its 6 fundsAugust 17, 2021 2:06 pm
Tel-Aviv, Israel, 04 August 2021 — Trusstor is a data-driven SaaS solution for the construction industry, breaking the operations process and re-building it using numerous data sources, directly impacting operations by enhancing on-site execution, has secured $4.5 mln in seed financing from a group of investors, lead by State of Mind Ventures and Flashpoint Venture Capital.
Combining industry expertise and tech abilities, Trusstor introduces an improved approach for the construction management process — referred to as “Construction Intelligence”. The system helps construction industry leaders to maintain safety protocols, while boosting productivity and site efficiency by enabling enhanced on-site execution. Providing full site visibility using Real-time resource allocation and tracking, displayed on a Command & Control dashboard. Trusstor focuses on the resources aspect (personnel, equipment, tool and materials) of the production floor. Trusstor bridges the informational gap between the actual to the planned, allowing the site to perform at its best.
Productivity in manufacturing has nearly doubled while in construction it has remained flat based on IHS Global Insight and experts interviews.
The company is targeting top-tier general contractors and developers, usually the ones that have multiple projects simultaneously. As more construction companies adopt technologies and project management platforms they develop a need for better on-site monitoring to ensure the goals are achieved.
The main competitive advantage originates from the company’s core principle — simple solutions for complex problems, all by having the system practice two fundamental aspects — ease of implementation and ease of use. First, The system is plug-and-play, self-installed with no pre-existing infrastructure requirements (electricity or communication). Second, everyday use does not require any manual data input. The information gathered is analyzed and projected to site management in a customized dashboard — “clock on the wall”, look at the screen and get all the required information without pressing a single button.
Nir Adler, General Partner of State of Mind Ventures, commented: “State of Mind has been looking at the construction-tech domain for some time, looking for the best opportunity and the best company. Based on our experience and extensive market research, it quickly became clear to us that Trusstor is an industry leader in this emerging field. Taking into account Trusstor’s combination of technology, an easy-to-use platform, a well planned but agile product roadmap positions the company strongly for accelerated growth in this rapidly-advancing industry. We believe the connection between Ofer and Omri, each in their position creates a strong executive team — one we’re excited to back for years to come.”
Alex Konoplyasty, Managing Partner of Flashpoint Venture Capital, commented: “We are excited to support Trusstor as they have a strong team with deep domain expertise, extensive client pipeline and a solid investor base. We welcome their plans to actively enhance their team in Israel by hiring more developers as well as to start international expansion on the US and Middle East markets demonstrating high growth potential in real estate construction and digitalization.”
Omri Sorek, co-founder of Trusstor, added: “We’re on a challenging journey to disrupt the construction operations process and I’m honored to have investors as State of Mind and Flashpoint to call partners. This investment will allow us to develop our product further and deepen our core-value proposition within the construction industry, first for general contracting companies and developers and then service providers, other technologies and all industry stakeholders. We are creating a data-driven SaaS solution for the industry that will lead the next generation of construction site management teams into a more efficient, productive, and safer future.”
Trusstor was founded by Ofer Simon and Omri Sorek. Ofer Simon, a technological entrepreneur with 11 years of experience in leading development of quality software. Simon is a Y-Combinator Alumnus (Ex-Founder @Deel valued $1.25B) and a mentor at the 365x Accelerator. Many of the core foundations and values that lead the company are based of Ofers’ vast experience in the tech industry. Ofer holds a B.Sc. in Communication System Engineering from BGU and is ranked Major, Computers and Communications corps at IDF. Omri Sorek, a domain expert — real-estate professional with a demonstrated track record in investments, operations and finance. Construction / Prop-Tech Entrepreneur and advisor. For the past 11 years, demonstrated his capabilities as an innovative leader — combining business understanding with strong financial skills, deep operational insights, and strategic management. Omri is also a 5th generation to a construction family, knowing the industry from a very young age, understanding the dynamics and nuances.