Funding Innovation in the Enterprise: PlanGrid

When we launched the Box Innovation Network (/bin) back in November, we set out with a pretty aggressive goal: to build an open ecosystem that fosters innovation in enterprise software.  Since the launch, we’ve doubled the number of app developers building on our platform – now over 8,000 – doubled the number of third party API calls per month – now over 300 million– and greatly increased the number of applications running on Box – nearly 200 services integrated today.

We knew we wouldn’t be successful going it alone, which is why we teamed up with great partners and set aside $2 million to accelerate enterprise app development. We’ve seen some amazing companies integrate with Box’s open platform, offering new and powerful ways for businesses to share and collaborate from any device, regardless of location. As I wrote back in November, we’re in the most innovative period in enterprise software and I see no signs of things slowing.

Today, we’re excited to announce our first /bin investment in a company called PlanGrid. PlanGrid revolutionizes the way businesses store, view and manage blueprints. Picture a sophisticated construction blueprint document with thousands of pages being used at a large construction site with hundreds, maybe even thousands of workers. Now imagine this document on an iPad, with seamless viewing and concurrent, synchronized annotations. That’s PlanGrid.

PlanGrid, a recent Y Combinator grad, just raised $1.1 million in seed funding from a handful of well-known angel investors. We invested in PlanGrid because the company, much like Box, is focused on transforming an industry in serious need of innovation. We’re excited to help PlanGrid scale its businesses and build services that our construction customers like Lennar, Webcor Builders, Balfour Beatty, Turner, Ferguson, and Meritage Homes, will love to use.

As Box expands its reach in vertical markets like healthcare, media and entertainment, financial services and construction, we’ll continue to look for new partners that enable our end-users to work more efficiently. Stay tuned. Innovation in the enterprise is possible.