#United States #New York #AI Solutions #GreenLite #Construction Permitting

GreenLite Secures $49.5 Million in Series B Funding

GreenLite, a pioneering company in construction technology, has announced a significant achievement by raising $49.5 million in Series B funding. The funding round was spearheaded by Insight Partners, a notable player in global software investments, and saw participation from other notable investors such as Energize Capital and existing partners like Craft Ventures, LiveOak Ventures, and Chicago Ventures. This notable financial boost aims to significantly advance GreenLite's mission of transforming the construction permitting landscape by enhancing its AI-powered solutions for plan review and compliance.

Impact on the Construction Industry

As the demand for construction continues to surge, building departments and jurisdictions nationwide are grappling with unprecedented challenges, such as labor shortages and limited adoption of advanced technologies. This situation has led to an increased backlog in permitting processes. GreenLite is stepping up to address these issues by leveraging technology, especially through its innovative Private Plan Review (PPR) process. Under this system, qualified third-party experts independently conduct compliance reviews rather than relying solely on municipal departments.

Legislative Support for Change

In the past three years, approximately a quarter of U.S. states have enacted new legislation promoting PPR to alleviate delays in construction projects. This legislative momentum underscores a growing recognition of the need to modernize signage approval processes. GreenLite is positioned as the only national Private Provider that combines regulatory expertise with AI technology, aiming to deliver PPR solutions at scale.

CEO James Gallagher emphasizes the significance of this technological innovation, stating, “The permitting backlog is holding back America’s ability to build at the scale and speed we need.” He highlights that by integrating a comprehensive database of compliance comments with advanced automation, GreenLite can expedite the identification of violations and provide stakeholders with the clarity necessary to advance their projects promptly. This transformative approach significantly enhances predictability for builders and local jurisdictions alike.

Advanced Technology in Action

GreenLite’s flagship product, LiteTable, demonstrates the power of its AI technology. This digital plan review tool efficiently processes plan sets, identifies compliance flags, and extracts essential requirements based on locality. By utilizing a large library of comments driven by compliance patterns, GreenLite aids various sectors—including retail, real estate investment trusts (REITs), and manufacturing developers—in navigating the intricacies of permitting.

With nearly a hundred Fortune 500 customers, GreenLite’s influence is expanding rapidly across multiple sectors, including lodging, logistics, and residential development. The company’s technology enables local communities to thrive by accelerating the issuance of building permits, often reducing timelines from months to just days.

The Future of Construction Permitting

With plans to expand into new verticals and enhance its market presence, GreenLite is at the forefront of digital transformation within the construction industry. The firm is actively hiring across various departments, from engineering to marketing, indicating a robust growth trajectory.

Jeff Horing, a Co-Founder and Managing Director at Insight Partners, expresses his confidence in GreenLite, stating, “GreenLite’s full-stack Private Plan Review approach delivers building permits in days, not months, and is driving growth in America’s local communities and economies.”

GreenLite’s inception dates back to 2022, founded by former Gopuff executives James Gallagher and Ben Allen. Today, the company employs 50 full-time staff and remains committed to reshaping how America builds through efficient permitting processes.

To discover more about GreenLite’s cutting-edge AI-driven permitting solutions, visit GreenLite.com.

GreenLite’s innovative approach not only accelerates the construction process but also fosters local economic growth, illustrating the profound impact that technology can have on traditional industries.