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 software company based in Detroit, has successfully raised $6 million in funding to enhance its offerings in the mechanical engineering sector. This financial boost was secured from Brick and Mortar Ventures, a venture capital firm located in San Francisco, in December 2023.
Founded in 2020, RIVET Work has amassed a total of $14 million in financing from various investors over its short yet impactful existence. The company has garnered support from several Michigan-based backers, including Augment Ventures, Detroit Venture Partners, Michigan Rise, and Red Cedar Ventures.
CEO Ryan Meitl launched RIVET Work with a vision to transform outdated workforce management methods prevalent among contractors. By leveraging technology, the company aims to streamline labor allocation on construction job sites and enhance collaboration within project teams. RIVET Work’s software is designed to automate these labor management processes efficiently.
One innovative feature of the software is its ability to measure labor productivity using specific metrics such as units installed per day and per person. This data-driven approach allows contractors to identify areas for improvement and boost overall job site efficiency. Currently, RIVET Work operates with approximately 130 businesses across the United States, indicating a strong customer foundation.
The new funding is expected to facilitate RIVET Work’s adaptation of its software for the mechanical engineering industry. The company has ambitious goals to double or even triple its customer base through the introduction of new products and an expansion of its workforce. At present, RIVET Work employs 40 team members and is situated in the Madison building overlooking Grand Circus Park in Detroit.
As RIVET Work grows rapidly, the company is beginning to outgrow its current office space. Plans are already in motion to relocate to a new facility in downtown Detroit by 2025. Meitl and his wife, who moved to the Detroit area in 2011, have invested not only in their home but also in the city’s ongoing revitalization and economic progress. Their commitment speaks volumes about their faith in the potential of Detroit.
Meitl highlights that the values prevalent in the Midwest resonate well with the construction sector, thus positioning Detroit as an optimal location for RIVET Work’s operations. The expansion of their offerings and increase in hiring are strategic moves to capitalize on the anticipated growth in the mechanical engineering market.
Overall, RIVET Work’s recent funding acquisition and its aspirations for expansion into mechanical engineering represents an exciting development in the construction technology landscape. By addressing the inefficiencies in labor management and improving productivity on job sites, RIVET Work is poised to make a significant impact in both the construction and mechanical engineering industries.
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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
