West Partners, a San Diego-based investment firm, announced the closing of an investment in NoteVault, Inc., a San Diego-based provider of voice-to-text-based mobile reporting solutions for the engineering and construction industry. Terms of the investment were not disclosed.
NoteVault offers construction companies a cloud-based subscription solution that enables users to post real-time notes throughout the day by typing, texting, or speaking into a mobile device, such as a smartphone or tablet. The investment will fund the company's growth plan.
"Our vision is to enhance construction firms' ability to increase productivity and reduce liability by mitigating risk," said Peter Lasensky, CEO of NoteVault. "West Partners' investment will enable us to accelerate product development and continue to offer the most innovative solutions to this market. We're excited to be partners with West and look forward to the success we'll realize together."
Users can also use a laptop or other traditional computer device to type daily notes into the NoteVault system. Notes can include photos and videos, delivering the clearest possible message regarding activity on the ground. Each individual note is encrypted and stored for 10 years.
"We think there is a huge demand for this solution in the market. We are excited to work with NoteVault, to help the company increase its market share and bring additional efficiencies to construction companies,” said Art McGill of West Partners. “In addition, the reliable daily reports and the long-term maintenance of those reports are a significant risk management tool for customers."