From cloud-based project management platforms to autonomous robots and drones that gather site intelligence, startups are looking to cut costs and improve efficiencies across the construction industry.
For years, construction operators have been encumbered by legacy systems, high switching costs, and limited access to capital. But a digital overhaul is presenting new opportunities to transform the sector.
The construction sector has historically been slow to integrate emerging technologies, resulting in rising costs and declining productivity. Meanwhile, outdated communication methods, fragmented supply chains, and tedious compliance and supervision tasks continue to contribute to rework, project delays, and overspending.
To tackle this, startups are aiming to collect and synchronize information between field workers, managers, and owners, as well as automate dangerous and monotonous tasks.
25 Industries & Technologies That Will Shape The Post-Virus World
Get the free download to learn how industries are using tech to reimagine nearly every facet of their operations.
In 2020, despite widespread site shutdowns amid the pandemic, funding to construction tech startups rose 25% year-over-year (YoY) to $1.2B. Additionally, construction tech M&A more than doubled in 2020 YoY, with 22 M&A deals.
Using CB Insights data, we’ve identified 120+ construction tech startups aiming to boost process efficiency, drive down costs, and improve communication between teams.
The below market map consists of active companies only, including those that have exited (via M&A, IPO, etc.). It is not meant to be exhaustive of the space. Categories are not mutually exclusive, and companies are mapped according to primary use case.
Please click to enlarge.