Ryvit Builds on Success
One of the major problems in the construction industry is that information must be entered into multiple platforms. So, for example, contact information must be entered into an enterprise resource management (ERM) platform as well as a customer relationship management platform (CRM). This makes the construction industry one of the least efficient in the world….
One of the major problems in the construction industry is that information must be entered into multiple platforms. So, for example, contact information must be entered into an enterprise resource management (ERM) platform as well as a customer relationship management platform (CRM). This makes the construction industry one of the least efficient in the world.
Ryvit is a St. Louis based SaaS company that helps tie software systems together in the construction industry by pushing data through to multiple platforms. This dramatically increases the efficiency of construction companies.
Ryvit was launched in 2016, and was born from CEO Tom Stemm’s previous leadership experience at GadellNet. Tom identified an opportunity in the construction market to create a product that helped deliver data interoperability between construction software applications. Ryvit’s SaaS platform delivers efficiency and productivity to construction companies by removing the need for manual re-entry of data between applications. Today, Ryvit has over 15 ISV partners and over 200 customers, many of whom are part of the ENR 400 (list of the largest construction companies in the US).
The construction industry is very large – well over $10T globally. However, according to Gartner it is the least efficient and production of the twenty largest industries in the world. “Stemm founded Ryvit on this singular, but significant observation,” according to the Ryvit press release announcing the transaction. “Ryvit has built the marketplace for construction technology, providing construction companies with automated connectivity between various applications, enabling adoption of best-of-breed software solutions without unnecessary duplicate entry into their financial accounting and ERP applications. With this new capability, construction companies can now re-imagine how to manage their data and accelerate their adoption of modern technology.”
Ryvit responded to SPN’s request for more information on their traction and go-to-market strategy, “Our go to market strategy has been and will likely continue to be partnership led. As we have formed strategic partnerships with some of the top technology logos in the construction tech category, it validates the value we offer our partners and our customers.” This strategy has led the company to grow dramatically over the last three years. Owler estimates that the company has surpassed $1.5 million in revenue.
This success has created a fertile environment for the company to raise outside investment. The company recently raised $3.5 million dollars from a variety of venture companies. Dreampact Ventures and the Hermann Companies were the lead investors. The company also received capital from Arch Angels, Dragon Capital, and Serra Ventures – according to Pitchbook. According to Feud Sadala, the Managing Principal of Dreampact: ““They have a very strong team and the focus needed to really make an impact as a technology leader in the construction industry.”
However, it is not just the leadership team. Ryvit has focused on building a strong culture across both its in-house St. Louis team and its remote workforce. According to John Grispon, Chief Revenue Officer for the company, “We are extremely intentional about our culture. We spend a lot of time thinking about it, talking about, and working on it. We have stated pillars which amplify the values we carry within our team and for our customers and we will only hire the type of people that fit with our culture, add to it, and help us to strengthen it. Everything we do is on behalf of our customers, and our team dynamic is organized to reflect that goal.”
And this has led to incredible customer feedback. For example, Donnie H., a construction IT professional, described his experience about Ryvit (on Capterra), “The purchase of Ryvit was one of the best things I have done in 22 years of IT. I have been able to offload a large amount of technical debt to Ryvit and the risk around data interfaces – building them, enhancing them, and maintaining them. I enjoy working with them and their partner page is my first stop when looking for solutions.”
By pleasing its customers and solving a key problem in the construction industry, Ryvit is building a strong technology business in the Silicon Prairie. To learn more, check out their website at https://ryvit.com.
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