Miter raises 40 million USD in Series B led by Battery Ventures

Miter announced on September 30 that it raised 40 million USD in a Series B funding round led by Battery Ventures. Existing investors Bessemer Venture Partners and Coatue also participated in this round. The total amount raised by the company now stands at 78 million USD.

Miter provides an AI-powered workforce management platform for the construction industry, which often relies on outdated business software, spreadsheets, and paper documents to manage operations. The construction sector has unique accounting and payroll requirements, such as the critical management of "job costing," which involves tracking costs associated with specific projects or classifications.

The platform consolidates various operations, offering payroll, human resources, field operations, and expense management under a single system, enabling seamless integration of labor management, field operations, job costing, and expenses.

Using AI, Miter processes and structures data from invoices, receipts, and pay rate tables, automating workflows that were previously handled manually. The company also visualizes labor and cost trends for ongoing projects and generates safety reports from photos and audio captured on-site.

According to the company, over 2,000 contractors utilize Miter for payroll, human resources, field operations, and expense management. Approximately 2% of construction workers in the United States, or 2 out of every 100, receive their pay through Miter, which is used across hundreds of ongoing projects each month.

The funds will be allocated to investment in AI products supporting back-office and field operations, expansion of engineering teams in San Francisco and New York, and increasing the market development team within the United States.

Reported by BRIDGE.