Startups in construction are providing exciting solutions and technologies that have the potential to change the face of the industry. Here we will take a closer look at some of the most promising startups in construction.
Established in 2015, Buildcon is a construction management platform available on the web and mobile app. Their goal is to “revolutionize the way engineers and project managers organize themselves by making their data, communication and collaboration instant and always available in the cloud.” Designed for executives, project managers, planning engineers and field engineers to track workflow, assign tasks, and receive notifications.
Although the industry faces significant challenges due to inflation and rising prices for materials, construction continues to boom. Construction based startups like Buildcon can gain traction by utilising the latest technologies. It is projected that the market for artificial intelligence being used for construction will reach a value of $2.12 million in the next twelve months. Buildcon, which has its headquarters in Belgrade, Serbia, has raised $125,000 and closed its last capital from a seed funding round in December 2015. Buildcon received investment from 500 Startups, a venture capital firm which provides seed funding at the early stages of startup growth. To continue to secure seed funding, startups like Buildcon benefit from administrative support, including funding advice and filing legal documents. Services like this help simplify the process of raising capital for business growth.
Plannerly BIM Management
Plannerly uses cloud-based technology for its BIM management platform for architects, engineers, contractors and owners. The Plannerly platform and management tools enable users to create contract templates, define the scope of construction projects with specific requirements for each project landmark, optimize workflows, and provide immediate insights.
Plannerly was founded in 2019 in Irvine, California, and has already shown significant growth. According to its official website has 50,000 plus users in 140 countries. The Plannerly mission is to “eliminate the fragmentation and frustration between all design, build and operations stakeholders”.
SmartTrack, an automated production tracking tool, was launched back in 2020 by StructionSite. The SmartTrack machine learning and computer vision technology operate by taking data from images taken with VideoWalks and 360º cameras to measure the progression on a construction site over time, streamlining and enabling better strategic decisions.
Its mission is to remove grey areas by giving construction workers smarter tools and unbiased data. StructionSite was established in 2016, had five funding rounds and raised a total of $18.5 million, with the most recent investors being PLC Construction and GS Futuresand. They have shown promising growth, with 400 construction contractors using this AI technology and a steady increase of active projects on the StructionSite platform.
One standout benefit of StructionSite’s technology is that it enables remote working, something that has become valuable across all sectors, with many benefits, including reduced carbon emissions and travel time. Offering a flexible remote working environment saw the new company double in size in 2021.
These are just a few examples of startups to keep an eye on over the next few years that use innovative and advanced technologies to meet construction industry needs.