Jun 8, 2021

Briq raises US$30mn in funding led by Tiger Global

Briq
TigerGlobal
construction
Technology
2 min
Briq’s US$30mn Series B funding, which is led by Tiger Global Management, is one of the largest in construction technology history

Briq, a corporate performance management platform for the construction financial sector, has announced it has raised US$30mn in Series B funding, one of the largest fundraises in the history of construction technology. The funding was led by the American investment firm, Tiger Global Management.

According to Briq, this brings the company’s total amount raised to US$43mn since it was founded in January 2018. Other organisations that helped Briq achieve the goal were existing backers Eniac Ventures and Blackhorn Ventures. 

As a construction finance organisation, Briq claims it has also developed a technology that allows it to “extract and manipulate financial data without the use of APIs”. The business creates models indicating the cost of projects and manages a construction volume of around US$30bn. 

Briq offers two products to its customer base. These are their Corporate Performance Management Platform (CPM) which analyses and models financial outcomes and targets, and BriqCash. 

Briq’s company strategy is showing signs of success, with the Average Rate of Return (ARR) rising by as much as 200%. 

What is “BriqCash” and what is it used for? 

Announced earlier this year, “BriqCash” is a construction payments and rewards platform that helps contractors manage their expenses and cash. It gives them the ability to automate invoice processing, manage vendors, make direct payments, and control expense at a cost-code level. 

Briq claims that it also provides debit cards for construction companies that workers can reload every pay cycle, resulting in an efficient cost allocation solution for project expenses and one-off payments. 

What are Application Programming Interfaces (APIs)?

An Application Programming Interface (API) is a programme that allows two applications to communicate with each other. When using an application on a device, it connects to the internet and then sends data to a server. Once received, the server then interprets the data, performs the required actions, and sends it back to the device. The application then analyses this data and presents the user with readable information. 

There are three main types of API: open, partner, and internal. Open APIs are publicly available to developers and have minimally restricted access. Partner APIs are operated by strategic business partners, and internal APIs are the most restricted and private. They are hidden from external users only being exposed by internal systems.

 

 

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Jun 14, 2021

XYZ Reality receives £20m to develop Assisted Reality

AugmentedReality
construction
DigitalTransformation
Technology
Dominic Ellis
3 min
XYZ Reality to use funding led by Octopus Ventures to springboard into USA and automatically report issues through Assisted Reality

XYZ Reality has announced a £20m investment round led by Octopus Ventures.

Founded in 2017, XYZ Reality aims to "revolutionise" the construction sector with its Engineering-Grade Augmented Reality (AR) solution, Holosite.

Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn in the last year. 

With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.

With its safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.     

This funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.

David Mitchell, Founder and CEO of XYZ Reality, said developing its engineering-Grade AR solution helping construction teams identify errors in real-time is just the start.

"The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”

The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc. 

Rebecca Hunt, early-stage investor at Octopus Ventures, said: "We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It's solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”

XYZ Reality also announces a new partnership with Mace, for the construction of a hyper-scale data centre in Europe. With speed to market being particularly essential for mission critical builds, HoloSite’s AR technology will have a significant role in supporting an accurate and time effective build for Mace, which last week appointed Jon McElroy its new Managing Director for International Technology.  

Mace Technical Director, Stephen Henley, said: “Mace has built a reputation of redefining the boundaries of ambition, always bringing efficiency, innovation and responsibility to our projects. With the implementation of XYZ’s groundbreaking AR system, we continue to be committed to delivering projects faster, safer and better than ever before.” 

Five years ago, Heather Bellini of Goldman Sachs Research expected virtual and augmented reality to become an $80 billion market by 2025.

But according to new research by global tech market advisory firm ABI Research, nearly 28 million augmented and mixed reality smart glasses will ship in 2026, while the total global AR/MR market will surpass $175 billion in the same year.

"Major tech players across hardware, software, and services look familiar in the consumer space, contributing to strong and consistent overall growth," says Eric Abbruzzese, Research Director for ABI Research. "Those big tech names, with active investment and product ranging from already available, to announced, to all-but-announced, are creating a consumer AR market that will be dynamic and welcoming rather than struggling and immature."

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