US-based cloud software company Box’s corporate venturing unit Box Innovation Network has helped PlanGrid, a construction blue-print company, raise $1.1m.
Other backers of the round were venture firm 500 Startups, Navitas Capital and Y Combinator, as well as angels, Suleman Ali, founder and chief executive of TinyCo, Sam Altman, founder of Loopt, Paul Buchheit, creator of Gmail, Matt Cutts, head of Google’s Webspam team, and Ray Levitt, Director of Stanford University’s Construction Engineering department.
PlanGrid was launched in March and is now used on 2900 construction projects globally. It was founded in December 2011. Box set up its innovation network last year with $2m to invest.