Dive Brief:
- The 2021 Construction Startup Competition, sponsored by Cemex Ventures, crowned a gold medal prize winner and awarded nine other top companies during the competition's Pitchday earlier this month, according to a press release.
- The gold medal prize winner of the sixth annual competition was Atlanta-based firm Document Crunch, which built an AI-powered software platform of the same name that identifies and explains critical issues in construction contracts. Document Crunch, which is commercially available, also works with construction plans, insurance policies and more.
- The 10 winners were judged on their ability to offer the most promising solutions within five categories: carbon footprint mitigation, supply chain optimization, efficiency in the jobsite, advanced building materials and new construction methods.
Dive Insight:
The chosen startups won resources and opportunities to advance their products and ideas through investments and pilot projects, according to the release. The event was also funded by:
- Investment firm Dysruptek, the venture arm of general contractor Haskell
- Spanish transportation contractor Ferrovial
- Venture capital firm GS Futures
- Manufacturing company Hilti
- Vinci Group's investment arm Leonard
- Nova by manufacturing company Saint-Gobain
During the competition, the startups had the opportunity to present their projects to a jury composed of the top representatives of each organizing company, as well as an audience of experts in construction, investment and innovation. The other nine winning companies are:
- AI Clearing (United States) - SaaS platform that seamlessly integrates several data sources into BI systems to provide digital insights.
- HyperTunnel (United Kingdom) - Patented a new method to build and renew tunnels and underground infrastructures.
- Nodes & Links (United Kingdom) - AI-based platform to create smart machines to automate project management.
- ObraLink (Chile) - Data collection system to automate critical construction site activities such as concrete poured and formwork.
- Presien (Australia) - AI vision systems to free heavy industries from the risks that threaten the safety of their people and business.
- ProcurePro (Australia) - Digital subcontractor procurement platform to close the digital gap between bids and commitments.
- RatedPower (Spain) - Cloud-based software to carry out the design and engineering of utility-scale solar photovoltaic plants.
- Schüttflix (Germany) - Platform to order, transport, deliver and dispose of bulk material 100% digitally.
- WasteBox (Austria) - Digital waste management platform to automatically connect customers with the right disposal partner for their project.
Construction technology investment is seeing a good year, and will likely only improve with the passage and signing of the bipartisan infrastructure bill in the United States. The act allocates $100 million dollars to investment in construction technology, and members in the contech space have lauded the move. Construction technology firms have had strong fundraising rounds this year, and are even breaking investment records.
Calling this year's showing a success, Cemex Ventures is already gearing up for the 2022 edition of the award and "an even more promising scenario for the Contech ecosystem," according to the release.
