US-based construction technology provider ConXtech has closed a $25m series D round led by Saudi Aramco Energy Ventures, the corporate venturing unit of energy and petrochemical producer Saudi Arabian Oil Company.
Saudi Aramco was joined by a fund affiliated with the George Kaiser Family Foundation, a charitable organisation that aims to help provide equal opportunities for young children.
ConXtech has developed a chassis-based, modular structural steel framing system that enables steel structures to be assembled in a factory before being delivering to a construction site where they are lowered into each other and locked together, without requiring any welding.
The company had previously raised $44.6m in debt and equity funding, according to regulatory filings. The latest cash injection will be used to increase ConXtech’s fulfilment capacity, and to enter both new countries and new vertical markets.
Nabil Al-Khowaiter, chief executive of Saudi Aramco Energy Ventures, said: “Response to ConXtech’s technologies at Saudi Aramco has been unprecedented.
“Our engineering and investment teams immediately recognized the value and efficiencies that the ConX System brings to the design and construction process, in terms of time, installed cost, safety and ongoing operations. We view this technology as the future not only for the energy sector, but also for non-oil related infrastructure.”
– Image courtesy of ConXtech