RIVET Work Inc. Secures $6 Million Funding to Boost Growth

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 Inc. Secures $6 Million Funding to Boost Growth in Mechanical Engineering

RIVET Work Inc., a company based in Detroit that develops innovative workforce management software for the construction industry, has successfully secured a $6 million funding boost. This financial support was obtained in December 2023 from Brick and Mortar Ventures, a venture capital firm located in San Francisco. The new investment is aimed at expanding RIVET Work’s reach into the mechanical engineering market, thereby enhancing its service offerings.

Background of the Company

Founded in 2020, RIVET Work has raised a total of $14 million in investor funding since its inception. The firm has attracted the interest of several investors from Michigan, including notable names such as Augment Ventures, Detroit Venture Partners, Michigan Rise, and Red Cedar Ventures. With a clear vision to modernize workforce management, the company was started by CEO Ryan Meitl, an experienced electrical engineer who observed that many contractors were still relying on outdated processes.

Software Features and Benefits

RIVET Work’s unique software aims to automate labor allocation on construction job sites, promoting efficient collaboration and fostering seamless information sharing. One of the key features of the software is its ability to help contractors measure labor productivity using various metrics, such as units installed per day, per person. This functionality allows construction firms to accurately evaluate their workforce efficiency and improve overall project management.

Plans for Expansion

The recent funding will play a critical role in RIVET Work’s efforts to adapt its software for the mechanical engineering sector. Currently, the company collaborates with around 130 businesses across the United States, and it aims to significantly increase this number by introducing new product offerings and hiring additional employees. At present, RIVET Work has a team of 40 employees and operates out of the Madison building, which overlooks Grand Circus Park in Detroit.

Looking Ahead

CEO Ryan Meitl has indicated that the company is quickly outgrowing its existing office space and plans to relocate to a larger venue in downtown Detroit by 2025. His commitment to the city is evident, as he and his wife moved to the Detroit area in 2011, taking steps to invest in a home and contributing to local revitalization and economic growth.

The Right Fit for the Industry

Meitl believes that the values intrinsic to the Midwest are in harmony with the construction industry, positioning Detroit as an ideal locale for RIVET Work. With its focus on modernizing workforce management, the company is set to play a significant role in reshaping how contractors and clients interact on job sites.

RIVET Work’s upcoming plans, fueled by this substantial investment, point to a bright future as it strives to help the construction and mechanical engineering industries thrive through enhanced productivity and collaboration. The company reflects a growing trend within the tech industry, where innovative solutions are increasingly being designed to address longstanding inefficiencies in traditional sectors.

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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