Briq, a U.S.-based fintech platform specifically for construction, has raised $10 million through its Series A funding round, which was reportedly led by Blackhorn Ventures with participation from Eniac Ventures, MetaProp NYC, and Darling Ventures. The company’s total funding since inception is now up to $16 million.
Founded in 2018, Briq states it is creating the technology to break down the data silos entrenched in construction. The company uses machine learning, AI, and automation to create better analytics and reporting for data in the built environment.
“Briq breaks down silos by automating ingestion, curation, discovery, preparation, and integration of your construction data. We want to solve the challenges around sustainability and waste during and after construction. We want to empower people across the entire built world to easily and securely manage their facilities, buildings, and projects by providing an open user interface that anyone can connect to, regardless of the existing infrastructure or technical skills.”
Speaking about the platform’s development, Bassem Hamdy shared with Crunchbase:
“Our platform helps them identify outliers, and which projects are at most risk. The risk coefficients calculate for them based on different financial factors, such as how they are using funds such an allowance or contingency.”
The funding will go towards the continuous development of the Briq platform.