Briq, the subsequent constructing block in tech’s reconstruction of the development enterprise, raises $three million
Bassem Hamdy has been within the building enterprise for a very long time.
He spent the previous few years on the building software program enterprise Procore, now a $three billion firm creating know-how for the development business, and now Hamdy is able to unveil his subsequent act as chief govt and co-founder of Briq, a brand new software program service for the business.
Hamdy began Briq along with his personal money, amassed by secondary gross sales as Procore climbed the ranks of startups to achieve its standing as a building business unicorn. And the corporate has simply raised $three million in financing to fund its enlargement.
“With sufficient secondaries you may afford to make your personal choices,” Hamdy says.
His expertise in building dates again to his earliest days. Hailing from a household of building engineers, Hamdy describes himself as a black sheep who went into the monetary providers business — however building saved pulling him again.
Starting within the late nineties with CMIC, which was building enterprise useful resource planning, and persevering with by to Procore, Hamdy has had success after success within the enterprise, however Briq is the end result of all of that have, he says.
“As a lot as information entry helps folks it’s information intelligence software program that adjustments issues,” says Hamdy.
The Santa Barbara, Calif.-based firm is a part of a rising variety of Southern California know-how startups constructing companies to service massive swaths of particular industries — particularly actual property and building.
Already, Procore is a $three billion behemoth, and ServiceTitan has turn into a billion-dollar firm as nicely, with its software program and providers for air con and equipment repairmen.
Now Hamdy’s Briq, with backing from Eniac Ventures and MetaProp NYC, is hoping to hitch their ranks.
“Bassem constructed and helped run probably the most profitable building software program companies on this planet. It’s uncommon and humbling to have a possibility to assist construct an organization from the bottom up with an business legend,” says Tim Younger, founding common associate at Eniac Ventures . “The know-how Bassem and his crew are constructing will do one thing the business has by no means seen earlier than: break down information silos to leverage data in actual time. Bassem has constructed and run probably the most profitable building software program companies on this planet, and his data of the development area and the info area is second to none.”
The corporate, previously known as Brickschain, makes use of a mix of a blockchain-based immutable ledger and machine studying instruments to offer strategic insights into buildings and venture developments.
Briq’s software program can predict issues just like the success of particular person tasks, the place demand for brand new tasks is more likely to happen and easy methods to join information round building processes.
Briq has two major choices, based on Hamdy. ProjectIQ, which displays and manages particular person tasks and workflows — offering information round completely different distributors concerned in a building venture; and MarketIQ, which supplies market intelligence round the place potential tasks are more likely to happen and which tasks will likely be met with probably the most demand and success.
Becoming a member of Hamdy within the creation of Briq is Ron Goldschmidt, an skilled developer of quantitative-based buying and selling methods for a number of companies. Hamdy, a former Wall Streeter himself, has lengthy realized the facility of information within the building enterprise. And with the brand new instruments at his disposal — together with the blockchain-based ledger system that kinds the spine of Briq’s venture administration software program, Hamdy thinks he has developed the subsequent large evolution in know-how for the business.
Briq already counts Webcore, a serious contractor and developer, as considered one of its purchasers, together with Kobayashi, Probuild, Hunter Roberts OEG and Gartner Builders. In all, the corporate has contracts with practically 12 builders and contractors.
The entire insights that Briq can present by its immutable ledger can add as much as large financial savings for builders. Hamdy estimates that there’s roughly $1 trillion in waste within the building business.
Briq depends on IBM’s Hyperledger for its blockchain spine and thru that, the corporate has a window into all the choices made on a venture. That ledger kinds the scaffolding on which Briq can construct out its projections and fashions of how a lot a constructing will price, and the way may conceivably be made on a venture.
“Development and infrastructure are integral to society, however the decision-making course of behind how, when, the place, and why we construct is now not working,” stated Hamdy, in an announcement. “We aren’t simply fixing a building downside, we’re fixing a societal downside. If we’re to fulfill the infrastructure wants of each the developed and creating world, we should enhance our decision-making and evaluation across the information we’ve got. We’re thrilled to have the help of Eniac Ventures as we enter the subsequent part of our journey.”