Eniac Continues to Dig Construction Tech
Why we led our latest round with BRIQ
By Tim Young & Nihal Mehta
At Eniac, we see the eventual shift of construction companies to data-driven decision making an enormous opportunity. Over the last five years, we have been closely tracking construction saas and placing bets in the space. With the recent news of Procore valued at nearly $3b, Katerra raising $865m from Softbank, and Autodesk’s back-to-back acquisitions of PlanGrid ($875m) and BuildingConnected ($275m), we are starting to see this vertical heat up.
Globally, construction output is forecasted to reach upwards of $12.7 trillion by 2022, and the average spend on IT for construction companies is extremely low, relatively. Gartner reports that construction ranks last for IT spend, averaging just over 1% on IT, compared to the overall average of about 3.2%in other industries. And with 81% of decision-makers across the construction industry planning to spend more on technology in 2019, this momentum is only going to continue.
Today, we are excited to announce our latest construction SaaS investment in BRIQ, a Santa Barbara-based company that is bringing data intelligence and machine learning to allow builders to make better strategic decisions. We led their $3m seed round, along with our friends at MetaProp NYC and mState.