$250 million in last-dollar financing to unlock more than $5 billion in capital to build more housing in communities? $5 million in prize money for companies or non-profits developing technologies that make it faster, cheaper, and easier to build a home? I'm sure I can speak for the entire construction tech sector—thank you, Airbnb.

Without further ado, on to regular scheduled programming below...

— Drew Meyers

GEM EVENTS

We have upcoming events in Las Vegas (Blueprint), NYC, San Francisco & Napa, Dallas, and Austin, with more being planned.

• Sign up for GEM Primer, which gives you access to our app to view all upcoming GEM events.

NEW GEM MEMBERS

• Philippe Lecoq from Royal LePage Real Estate Services
• Nicholas Zavala from Verified Property
• Stephen Kowalchuk from Corporate Management Advisors
• Sadie Taylor from Qilo
• Alison Gregory from AreaHub

MEMBER NEWS

• Oyster Data launched a new website — Joe Stockton, Leah Sakas, and Tucker McDermott
• Setpoint serving as third-party diligence platform for Figure’s $316 million HELOC securitization — Stuart Wall
• AppWork and Oyster Data partnered to bring asset intelligence directly into the work order. — Joe Stockton, Leah Sakas, and Tucker McDermott
• Perchwell completes transition for Baldwin MLS’s legacy system to the Perchwell platform. — Brendan Fairbanks and Rafe Petkovic

As always, links surrounded by the ❇️ indicate exclusive GEM content. If you would like to have access to all links or attend our curated gatherings, please consider GEM membership.

TRANSMISSION RECAP
Last week, Joe Dahleen argues that mortgage may be looking at factory-built housing wrong--the opportunity is larger than designing a modular or manufactured-home loan. This week, Jonathan Wasserstrum explores residential assisted living and argues that the cheapest new supply in America may already be sitting on a cul-de-sac.

BIZ INTEL

PROPTECH INDEX WEEKLY - AS OF 9/11/2026
Consisting of 26 stocks, the GEM Proptech Index had a combined market cap of $241.892B, a decrease of 6.63% from the previous week.

Shares of ServiceTitan dropped 37.81% this week despite a strong Q2 revenue beat, mainly because its AI push is creating a near-term revenue timing issue. Revenue rose 21% YoY to $292.8 million, nearly $7 million above the high end of the company’s $284–$286 million guidance. However, the rapid migration of customers to its AI-driven Max offering is changing billing and revenue-recognition timing, creating an estimated $4–$5 million near-term revenue headwind. That contributed to Q3 revenue guidance of $285–$287 million, implying roughly 14%–15% YoY growth and coming in well below Wall Street expectations.

Investors also reacted to slowing transaction-volume growth and an unexpected CRO transition. Ross Biestman is stepping back after nearly a decade in the role, with Rikus Pretorius, ServiceTitan’s SVP of Worldwide Sales, set to succeed him.

CONSTRUCTION

ROBOTICS DOMINATION OF THE CONTECH WORLD
By: Drew Meyers

$115 million and $200 million construction tech rounds have been announced in the past couple of months: