If technology is a tool used to help solve problems and streamline processes, its application to the practical world of construction is surely a no-brainer. With projects getting ever more complex, there is an increasing need for construction to embrace new tools
In 2016, CB Insights tracked 31 Construction Tech (ConTech) startups. The emerging (ConTech) sector, newer than PropTech, is increasingly a defined area for investment by VC firms such as Brick and Mortar Ventures (San Francisco). Defined by this VC as a sector focussed on the 'built world', involving architects, engineers, construction firms and facilities managers, ConTech bumps into and at the same time underpins PropTech.
The first unicorn in this area, ProCore, and newer firms such as Plangrid, Holobuilder, Micello, Kahua and Rhumbix, focus on data-driven efficiencies across the construction process, such as recording and benchmarking productivity, facilitating the exchange of information between main and sub-contractors, sharing plans and simply replacing paper-based reporting in a huge industry whose IT spend is believed to be below 1% of total costs.