Sequoia, Tenaya among VC exiters in $875m Autodesk buyout of PlanGrid

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Venture capital-backed construction productivity software provider PlanGrid has been bought by design software major Autodesk in an $875m deal.

Sequoia Capital, Tenaya Capital and YCombinator were all backers of PlanGrid through a $50m Series B round.

PlanGrid’s software aims to let general contractors, subcontractors and owners in commercial, heavy civil and other industries work together throughout the construction project lifecycle.

The platform allows real-time collaboration, giving builders immediate access to project plans, punch lists, project tasks, progress photos, daily field reports, submittals and more.

PlanGrid CEO Tracy Young said, “At PlanGrid, we have a relentless focus on empowering construction workers to build as productively as possible.

“One of the first steps to improving construction productivity is the adoption of digital workflows with centralized data.

“PlanGrid has excelled at building beautiful, simple field collaboration software, while Autodesk has focused on connecting design to construction. Together, we can drive greater productivity and predictability on the jobsite.”

The transaction is expected to close by the end of January next year.

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