Autodesk buys Herndon software startup
Fortune 1000 California software company to acquire Pype
San Rafael, California-based Fortune 1000 design and construction software company Autodesk Inc. announced Thursday it is acquiring Herndon-based construction project management software developer Pype.
A transaction amount was not disclosed. This marks Autodesk’s ninth investment in a construction technology startup company, however.
Since 2017, Autodesk has acquired Assemble, BuildingConnected and PlanGrid — totaling more than $1.1 billion. Pype has been backed by Blackhorn Ventures, Pritzker Group Venture Capital, Scott Garber and the Dingman Center for Entrepreneurship. It has also received funding from the Herndon-based Center for Innovative Technology’s CIT GAP Funds, which are seed-stage investments in Virginia-based technology companies.
“I could not be more optimistic about the future of the building industry,” Autodesk CEO Andrew Anagnost said in a statement. “Even in challenging times such as those we are currently facing, Autodesk remains focused on making the jobs of people who build easier. Pype’s robust machine learning capabilities will empower Autodesk customers to connect workflows across the building life cycle in new ways and optimize their businesses for long-term resiliency.”
The acquisition will allow for current customers to access software that automates construction workflows, including submittals and closeouts. Pype’s software uses artificial intelligence and machine learning to analyze and extract construction data including project plans throughout the project life cycle. Pype customers include general contractors Barton Malow Co., J. E. Dunn Construction Group, McCarthy Building Companies Inc., Mortenson Construction and Skanska AB.
“We’re incredibly proud of the rapid growth Pype has experienced since its founding in 2013,” Pype CEO and co-founder Sunil Dorairajan said in a statement. “Now as part of Autodesk, we look forward to expanding these automated capabilities to ensure construction teams efficiently progress through projects, from design to closeout.”
The transaction is expected to close during the third quarter of 2021.