Built Technologies conducted two rounds of layoffs in 2023. In February, the Nashville-based construction fintech laid off 8% of its workforce amid what CEO Chase Gilbert called a "rapidly changing business climate." In July, the company cut another 27 employees (10% of workforce). Multiple employees posted about the layoffs on social media. Built shifted from hypergrowth to "efficiency-first growth" and now operates with what it describes as "a leaner, disciplined operating cadence."
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Built Technologies
Built Technologies unveiled an AI Draw Agent that handles billions in commercial real estate lending, automating construction loan administration. The $1.5 billion valued construction fintech has managed financing for over $135 billion in construction projects across 200,000 commercial, residential and land development projects. Clients include U.S. Bank, Citi, and Fifth Third. The AI agent is being tested with lender clients for payment processing to contractors, subcontractors, architects, and designers.
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Built Technologies — AI Ethics: SUPPORTED Built Technologies unveiled an AI Draw Agent that handles billions in commercial real estate lending, automating construction loan administration. The $1.5 billion valued constr… https://reciepts.tech/stance/1769
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See all →Built Technologies rapidly grew from ~330 employees in early 2022 to ~400 by June 2023, then contracted through two layoff rounds. The $1.5 billion valued construction fintech, which has managed financing for $135 billion in construction projects, faced difficult decisions as CEO Chase Gilbert explored strategic options including going public or selling. The company has a President for DEI&B on its board and states commitment to an inclusive workplace.