Construction software company Briq raises $3 million
By Marissa Nall Tuesday, October 8th, 2019
Santa Barbara predictive analytics company Briq, which creates software for the construction industry, raised another $3 million in venture capital, it announced Oct. 7.
The funding comes just seven months after it closed a seed round for the same amount.
The company was founded in 2017 by former Procore exec Bassem Hamdy and Wall Street veteran Ron Goldschmidt. Colorado-based Blackhorn Ventures led the funding round, which included returning investors Eniac Ventures and Metaprop as well as new backer Darling Ventures.
The capital will help the company build out its platform, Briq said in a news release, including analytics to help general contractors find new projects, document search tools, and workflow and process automation.
“One of the biggest challenges general contractors face today is the inability to take action on the data trapped in their cloud-based software applications,” Hamdy said. Briq’s Construction Data Cloud frees up data for contractors, he added, “from every system they have and using it to predict outcomes. That’s powerful.”
The Briq platform uses both public and private data to predict changes in markets. It also considers environmental and economic factors that could impact the construction and real estate industries, the company said. In addition to searching for areas of high demand for new products, the company uses blockchain to create records that cannot be altered, called an “immutable ledger.”
“The Briq leadership team’s ability to execute on their vision is one of the driving factors of interest from the venture capital community,” said Raymond Levitt, operating partner at Blackhorn Ventures. “The company has identified a key opportunity in this industry by enabling general contractors to use data analytics to identify patterns in their businesses, laser-focus their future bidding and business development decisions, and stop fee erosion on their projects before it happens.”
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