Category: construction tech

ICON lands $207M Series B to construct more 3D-printed homes after seeing 400% YoY revenue growth



Creating single-family homes for the homeless using 3D printing robotics. Developing construction systems to create infrastructure and habitats on the moon, and eventually Mars, with NASA. Delivering what is believed to be the largest 3D-printed structure in North America — a barracks for Texas Military Department.

These are just some of the things that Austin, Texas-based construction tech startup ICON has been working on.

And today, the company is adding a massive $207 million Series B raise to its list of accomplishments.

I’ve been covering ICON since its $9 million seed round in October of 2018, so seeing the company reach this milestone less than three years later is kind of cool. 

Norwest Venture Partners led the startup’s Series B round, which also included participation from 8VC, Bjarke Ingels Group (BIG), BOND, Citi Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners. The financing brings ICON’s total equity raised to $266 million. The company declined to reveal its valuation.

ICON was founded in late 2017 and launched during SXSW in March 2018 with the first permitted 3D-printed home in the U.S. That 350-square-foot house took about 48 hours (at 25% speed) to print. ICON purposely chose concrete as a material because, as co-founder and CEO Jason Ballard put it, “It’s one of the most resilient materials on Earth.”

Since then, the startup says it has delivered more than two dozen 3D-printed homes and structures across the U.S. and Mexico. More than half of those homes have (Read more...)

Construction tech startup Agora raises $33M in Tiger Global-led round amid 760% YoY ARR growth



Agora, a startup that has built a materials management platform for contractors, has raised $33 million in a Series B round of funding led by Tiger Global Management.

8VC, Tishman Speyer, Yahoo co-founder Jerry Yang, Michael Ovitz, DST, LeFrak and Kevin Hartz also participated in the financing, which brings the startup’s total raised since its 2018 inception to about $45 million.

Construction tech is one of those sectors that has not historically been considered “sexy” in a startup world that often favors glitzier technology. But construction fuels the commercial and real estate industries, which in turn impacts all of us in one way or another.

Meanwhile, the $10 trillion construction industry has long been plagued with productivity challenges. In fact, according to McKinsey, labor productivity growth in the industry has been stagnant since 1947.

Image Credits: Agora

Maria Rioumine and Ryan Gibson founded Agora with the mission of making it easier for commercial trade contractors to order and track materials, automate manual data entry and give everyone involved in the procurement process a single platform by which they can communicate with each other.

The end goal is to help projects move along faster, and contractors to avoid unnecessary delays by reducing building costs. The bigger picture impact, Agora hopes, is that its SaaS platform can help make the “built environment faster and more efficient to build,” and thus help make cities “more affordable and accessible to all.” 

San Francisco-based Agora is tackling the problem in a very specific, niche (Read more...)

Mighty Buildings lands $22M to create ‘sustainable and affordable’ 3D-printed homes



Oakland-based Mighty Buildings, which is on a quest to build homes using 3D printing, robotics and automation, has raised a $22 million extension to its Series B round of funding.

The additional capital builds upon a $40 million a raise the company announced earlier this year, bringing its total funding since its 2017 inception to $100 million.

Mighty Building’s self-proclaimed mission is to create “beautiful, sustainable and affordable” homes.

The company claims to be able to 3D print structures “two times as quickly with 95% less labor hours and 10-times less waste” than conventional construction. For example, it says it can 3D print a 350-square-foot studio apartment in just 24 hours.

Execs say the new capital will go toward making supply chain improvements and moving up research and development timelines. The money will also go toward helping it achieve a new goal of achieving Net-Zero carbon neutrality by 2028 – which it says is 22 years ahead of the construction industry overall. 

“As a founding team, we have long been passionate about solving productivity for construction in a sustainable way,” said co-founder and CEO Slava Solonitsyn. “We have spent four years figuring out what it takes to achieve that. We believe that we have a master plan now that can work.”

Since its launch, the company has produced and installed a number of accessory dwelling units (ADUs).

Sam Ruben, co-founder and Chief Sustainability Officer of Mighty Buildings, (Read more...)

Tiger Global leads $30M investment into Briq, a fintech for the construction industry



Briq, which has developed a fintech platform used by the construction industry,  has raised $30 million dollars in a Series B funding round led by Tiger Global Management.

The financing is among the largest Series B fundraises by a construction software startup, according to the company, and brings Briq’s total raised to $43 million since its January 2018 inception. Existing backers Eniac Ventures and Blackhorn Ventures also participated in the round.

Briq CEO and co-founder Bassem Hamdy is a former executive at construction tech giant Procore (which recently went public and has a market cap of $10.4 billion) Canadian software giant CMIC. Wall Street veteran Ron Goldshmidt is co-founder and COO.

Briq describes its offering as a financial planning and workflow automation platform that “drastically reduces” the time to run critical financial processes, while increasing the accuracy of forecasts and financial plans.

Briq has developed a toolbox of proprietary technology that it says allows it to extract and manipulate financial data without the use of APIs. It also has developed construction-specific data models that allows it to build out projections and create models of how much a project might cost, and how much could conceivably be made. Currently, Briq manages or forecasts about $30 billion in construction volume.

Specifically, Briq has two main offerings: Briq’s Corporate Performance Management (CPM) platform, which models financial outcomes at the project and corporate level and BriqCash, a construction-specific banking platform for managing invoices and payments. 

Put simply, Briq aims to allow (Read more...)

Eano’s Stella Wu is not your typical construction tech startup founder



Renovating a home is an exciting, yet often fraught-filled, endeavor.

One startup that aims to help make the process simpler, cheaper and less stressful by helping people manage the home renovation process has raised $6 million to help it grow even faster. Builders VC led the round, which included participation from Celtic, Newfund and Wish co-founder Danny Zhang, who also sits on Eano’s board.

Stella Wu, who formerly worked as a growth product manager at Wish, got firsthand experience of the pain points related to the process when she bought her own house in 2017.

“I realized there were a lot of fragmented issues in the renovation space, especially when it came to the individual workers,” she recalls. “They were not reliable and bad at communication.”

So in 2019 she founded Eano, a San Francisco-based startup that aims to walk a homeowner through a renovation and help connect individual contractors with new clients. Eano also works on projects like building ADUs (accessory dwelling units).

As more people spent time at home last year due to the COVID-19 pandemic, the startup saw its contract revenue spike by 5x, Wu says. And in the first quarter of this year, business was up 70% year over year.

Image Credits: Eano CEO and founder Stella Wu / Eano

Eano, she said, offers competitive and transparent pricing so that homeowners aren’t surprised as a remodeling project goes on. Its automated process tracks all communications and (Read more...)

Construction tech upstart Assignar adds a Fifth Wall with $20M Series B



Construction technology may not be the sexiest of industries, but it is one where tremendous opportunity lies — considering it has historically lagged in productivity. And, lags in productivity means project delays, which typically costs everyone involved more time and more money.

There are a number of larger players in the space (think Procore, PlanGrid and Autodesk) that are tackling the problems from the perspective of the general contractor. But when it comes to the subcontractors that are hired by the general contractor to do 95% of the work, the pickings are few and far between.

Enter Assignar, a cloud-based construction tech startup that was originally born in Australia and is now based in Denver, Colorado. Co-founder and CEO Sean McCreanor was a contractor himself for many years, and grew frustrated with the lack of offerings available to him. So, as in the case of many founders, he set out to create the technology he wished existed.

And today, Assignar has raised $20 million in a Series B funding round led by real estate tech-focused venture firm Fifth Wall. 

Existing backer Tola Capital and new investor Ironspring Ventures also put money in the round, which brings Assignar’s total raised since its 2014 inception to $31 million.

“I had 100 crews and workers out in the field, lots of heavy equipment and project work, and was running the entire business on spreadsheets and whiteboards,” McCreanor recalls. “With Assignar, we essentially help the office connect to the field and vice versa.”

(Read more...)

Hong Kong-based viAct raises $2M for its automated construction monitoring platform



Hong Kong-based viAct helps construction sites perform around-the-clock monitoring with an AI-based cloud platform that combines computer vision, edge devices and a mobile app. The startup announced today it has raised a $2 million seed round, co-led by SOSV and Vectr Ventures. The funding included participation from Alibaba Hong Kong Entrepreneurs Fund, Artesian Ventures and ParticleX.

Founded in 2016, viAct currently serves more than 30 construction industry clients in Asia and Europe. Its new funding will be used on research and development, product development and expanding into Southeast Asian countries.

The platform uses computer vision to detect potential safety hazards, construction progress and the location of machinery and materials. Real-time alerts are sent to a mobile app with a simple interface, designed for engineers who are often “working in a noisy and dynamic environment that makes it hard to look at detailed dashboards,” co-founder and chief operating officer Hugo Cheuk told TechCrunch.

As companies signed up for viAct to monitor sites while complying with COVID-19 social distancing measures, the company provided training over Zoom to help teams onboard more quickly.

Cheuk said the company’s initial markets in Southeast Asia will include Indonesia and Vietnam because government planning for smart cities and new infrastructure means new construction projects there will increase over the next five to 10 years. It will also enter Singapore because developers are willing to adopt AI-based technology.

In a press statement, SOSV partner and Chinaccelerator managing (Read more...)