Boston –(Business Wire) – Today’s construction industry faces a unique set of challenges in response to current economic conditions. As project complexity increases and sustainability becomes more pressing, owners and contractors are facing labor shortages, rising material costs and supply chain disruptions. According to a recent survey commissioned by Procore Technologies, Inc., these significant challenges directly impact project outcomes. (NYSE: PCOR), the world’s leading provider of construction management software, found that 75% of construction projects were over budget and 77% were behind schedule.
Three years ago, Suffolk Technologies, the venture capital subsidiary of Suffolk, recognized the urgent need to leverage digital solutions to address labor, supply chain, design, sustainability and automation goals and created the BOOST program. BOOST is an intense six-week business accelerator that connects technology startups in the construction world with leaders, industry experts and academics at Suffolk University. Today, BOOST announced the seven construction technology startups selected for its third annual cohort. The BOOST program will allow these participants to test their solutions at the Suffolk job site so that they can demonstrate and improve their products while building vital relationships with industry professionals.
“The construction industry has long been known for its resistance to innovation and change, but the business acumen, pedigree and enthusiasm displayed by entrepreneurs and start-ups entering the construction technology space today is exciting and bodes well for the future,” Parker Mundt , Vice President of Platforms at Suffolk Technologies. “By leveraging Suffolk’s vast resources and national platform, and partnering with innovative startups through the BOOST program, we are identifying forward-thinking leaders, organizations and solutions that will unlock the potential of our industry And ultimately help us redefine the world of architecture.”
The BOOST program, the first of its kind construction technology venture capital accelerator, has been named the 2021 Real Estate Technology and Innovation Hub Accelerator of the Year. Since its initial launch three years ago, the BOOST program has grown from strength to strength. BOOST received 185 applications this year, a 76% increase from the previous year, with applicants from 32 countries. The main themes of this year’s application group include sustainability, design, planning, robotics, advanced data analytics and smart buildings. From this highly competitive field, the following seven finalists have been selected for the program.
build club: Delayed delivery of construction materials to the job site can negatively impact project schedules and costs. BuildClub provides contractors with an easy-to-use solution that enables them to order sought-after building materials on demand in as little as an hour, ensuring project efficiency and productivity.
Computational tree: Historically, critical and complex engineering calculations have been derived from offline, decentralized computing tools. CalcTree brings together engineering teams, designs, and calculations into one cloud-based management platform, making it easy to share and transfer calculations to simplify engineering work.
carbon title: The real estate industry accounts for 38% of carbon emissions. Carbon Title provides an end-to-end software platform designed to enable the real estate industry to calculate carbon impacts and achieve carbon neutrality goals.
Constrafort: Cash flow from trading partners was the main cause of construction defaults, with trading partners waiting an average of 83 days to complete work. Constrafor is setting new productivity and cost efficiency standards in how general contractors and subcontractors source and cash flow their projects.
conspiracy: Site coordination can be chaotic, with many trading partners at work, a constantly changing site, and poor communication. PLOT’s delivery calendars, logistics maps and structured messengers ensure consistent consistency within project teams.
Mass flow (Qflow): Tracking materials on the job site with paper tickets can be overwhelming and can result in incorrect or missing information. Qflow is a digital platform that enables construction teams to collect real-time material and waste data at source and make decisions.
trust layer: Tracking insurance certificates is critical to mitigating jobsite risks, but compliance is a tedious uphill battle. TrustLayer provides a collaborative risk management platform that helps reduce friction between stakeholders by automatically validating insurance, license and compliance documents that contractors receive from their business partners.
The seven startups were selected through an application and interview process facilitated by Suffolk Technologies. Their outstanding applications highlight outstanding teamwork, a bold vision for the built environment, and clear business challenges that can be solved with their cutting-edge technology.
“A strong vision and a relentless desire to innovate are critical to our industry’s success and long-term productivity growth. At Suffolk, we are constantly exploring new technologies, solutions and partners that will provide Key stakeholders throughout the construction lifecycle add value and drive our industry forward,” said John Fish, Suffolk Chairman and CEO. “We are absolutely committed to redefining what it means to be a builder. Suffolk Technologies and BOOST allow us to identify and work with some of the most innovative and disruptive startups in the construction world Future generations will change our industry.”
Startups that have participated in BOOST over the past few years have benefited greatly from the program. The BOOST I and II cohort includes startups such as CANVAS, Moxion Power, Flexbase, Wint, Felux, Soil Connect, and Rugged Robotics, which have collectively raised over $300 million in venture capital after participating in the program. Program participants also develop strong ties with BOOST mentors, who represent a variety of industries from venture capital partners to construction technology founders and executives.
“As the construction industry scales from zero to 100 to fully embrace technology, we are seeing an increasing number of startups emerging to meet demand and address the most pressing needs in the built environment,” said Sid Haksar, Head of Construction Strategy and Industry Partnerships at Autodesk. challenges.” . “Suffolk Technologies is investing in entrepreneurial teams working to develop solutions that help construction companies operate more efficiently while reducing risk. We are proud to support the company’s BOOST program and its efforts to increase innovation in construction— —The results will benefit our customers and advance our industry.”
BOOST 3 programming is scheduled to begin on October 3, 2022 (BOOST application process closed). BOOST Demo Day is scheduled for November 17, 2022.
This year, BOOST was launched in partnership with Autodesk, Moog Construction, Procore, Liberty Mutual, MIT DesignX and Gunderson Dettmer.
About Suffolk Technology
Suffolk Technologies is the venture capital arm of innovative construction company Suffolk. Suffolk Technologies invests in early- and growth-stage startups that are transforming the world of construction in areas such as real estate and development, architecture, engineering and construction, property management and smart cities. Leveraging Suffolk’s expertise and partner network, Suffolk Technologies works with forward-thinking founders to accelerate industry-wide adoption of breakthrough innovations from pre-production to market-scale.For more information on Suffolk Technologies’ strategy and investments, please visit Suffolk – Tech.com
About Suffolk
Suffolk is a national business that invests, innovates and builds. Suffolk is an end-to-end business by leveraging its core construction management services and vertical service lines, including real estate capital investment, design, self-executing construction services, technology start-up investment (Suffolk Technology) and innovative research/development. Suffolk is a $5 billion annual revenue national company with 2,500 employees and key offices in Boston (headquarters), New York, Miami, West Palm Beach, Tampa, Estero, Dallas, Los Angeles, San Francisco and San Diego . Suffolk serves clients in every major industry sector, including healthcare, technology, education, gaming, transportation/aviation and commerce. Suffolk is a privately held company led by founder, chairman and CEO John Fish. Suffolk is ranked No. 23 on the Engineering News-Record “Top 400 Contractors” list.For more information, please visit www.suffolk.com and follow Suffolk Facebook, Twitter, LinkedIn, YouTube, and Instagram.