# Cove Tool

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cove-tool

- Industry: Software
- Headquarters: Atlanta, US
- Website: www.cove.tools
- Total disclosed funding: $37M
- Latest round: Series B (Dec 17, 2021)
- Investors on record: 6

## About

Cove Tool, Inc. is an innovative architecture firm specializing in AI-driven design solutions that optimize real estate projects for enhanced efficiency, performance, and sustainability.Cove Tool, Inc. was founded in 2017 in Atlanta, US. The company offers advanced architecture solutions integrating artificial intelligence to improve real estate design processes. The founders, Daniel and Patrick Chopson, have a history in architectural technology. In December 2021, the firm raised USD 30 mn in Series B funding, led by Coatue Management and supported by multiple investors. The total amount raised to date is USD 30 mn through five deals, with the most recent deal occurring on 2021-12-17.Cove specializes in providing advanced architecture solutions that integrate artificial intelligence (AI) to enhance real estate design and decision-making processes. The firm focuses on optimizing project outcomes by utilizing AI-driven simulations that analyze design performance, energy efficiency, and cost analytics. Their offerings cater to a diverse clientele, including developers, owners, and real estate leaders across various sectors such as multi-family housing, hospitality, industrial campuses, and commercial offices. The company’s primary aim is to streamline project workflows, reduce risk, and improve long-term value through a combination of deep architectural expertise and proprietary technology. Cove's services extend beyond traditional architecture, emphasizing real-time simulations and a comprehensive understanding of building codes and permitting processes. Their strategic approach is applicable in multiple geographical markets, focusing on urban developments in North America and expanding into international markets as demand for AI-enhanced design solutions grows.Cove generates revenue primarily through direct partnerships with clients, providing comprehensive architectural services that leverage AI technology. The transaction structure typically involves project-based agreements where clients engage Cove for specific projects, such as residential or commercial developments. Pricing is determined based on the scope and complexity of each project, allowing for tailored architectural solutions that align with client goals. This structure enables Cove to deliver high-quality services while optimizing project timelines and minimizing costs for their clients. The firm's flagship offerings, which include AI-driven design consultations and project management services, contribute significantly to its revenue stream by ensuring efficient design and construction processes.Cove Tool, Inc. plans to utilize its recent funding of USD 30 mn from the Series B round to further enhance its AI-driven architectural solutions and expand into new markets. The company is targeting international markets, with a specific focus on urban developments outside North America. Additionally, Cove aims to launch new AI products designed to improve design accuracy and reduce project timelines, with release schedules set for the next 12-18 months. The funding will support the development of these products and the establishment of partnerships in the targeted regions.

## Funding rounds

- Series B, Dec 17, 2021, $30M — Coatue Management, Mucker Capital, Third Sphere, Knoll Ventures, FootPrint Coalition
- Series A, Oct 14, 2020, $5.7M — Mucker Capital, Third Sphere, Tech Square Labs, Knoll Ventures
- Seed, Nov 8, 2018, $0.8M — Third Sphere, Tech Square Labs, Knoll Ventures
- Angel, May 18, 2018, $0.1M — Tech Square Labs

## Investors

- Tech Square Labs (https://capitalatlas.ai/funds/tech-square-labs) — Angel, Seed, Series A
- Third Sphere (https://capitalatlas.ai/funds/third-sphere) — Seed, Series A, Series B
- Knoll Ventures (https://capitalatlas.ai/funds/knoll-ventures) — Seed, Series A, Series B
- Mucker Capital (https://capitalatlas.ai/funds/mucker-capital) — Series A, Series B
- Coatue Management (https://capitalatlas.ai/funds/coatue-management) — Series B
- FootPrint Coalition (https://capitalatlas.ai/funds/footprint-coalition) — Series B