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Briq, the next building block in tech’s reconstruction of the construction business, raises $3 million – TechCrunch

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Bassem Hamdy has been in the construction business for a long time.

He spent the last few years at the construction software business Procore, now a $3 billion company developing technology for the construction industry, and now Hamdy is ready to unveil his next act as chief executive and co-founder of Briq, a new software service for the industry.

Hamdy started Briq with his own cash, amassed through secondary sales as Procore climbed the ranks of startups to reach its status as a construction industry unicorn. And the company has just raised $3 million in financing to fund its expansion.

“With enough secondaries you can afford to make your own decisions,” Hamdy says. 

His experience in construction dates back to his earliest days. Hailing from a family of construction engineers, Hamdy describes himself as a black sheep who went into the financial services industry — but construction kept pulling him back.

Beginning in the late nineties with CMIC, which was construction enterprise resource planning, and continuing through to Procore, Hamdy has had success after success in the business, but Briq is the culmination of all of that experience, he says. 

“As much as data entry helps people it’s data intelligence software that changes things,” says Hamdy. 

Briq chief executive Bassem Hamdy

The Santa Barbara, Calif.-based company is part of a growing number of Southern California technology startups building businesses to service large swaths of specific industries — specifically real estate and construction.

Already, Procore is a $3 billion behemoth, and ServiceTitan has become a billion-dollar company as well, with its software and services for air conditioning and appliance repairmen.

Now Hamdy’s Briq, with backing from Eniac Ventures and MetaProp NYC, is hoping to join their ranks.

“Bassem built and helped run the most successful construction software businesses in the world. It is rare and humbling to have an opportunity to help build a company from the ground up with an industry legend,” says Tim Young, founding general partner at Eniac Ventures . “The technology Bassem and his team are building will do something the industry has never seen before: break down data silos to leverage information in real time. Bassem has built and run the most successful construction software businesses in the world, and his knowledge of the construction space and the data space is second to none.”

The company, formerly called Brickschain, uses a combination of a blockchain-based immutable ledger and machine learning tools to provide strategic insights into buildings and project developments.

Briq’s software can predict things like the success of individual projects, where demand for new projects is likely to occur and how to connect data around construction processes.

Briq has two main offerings, according to Hamdy. ProjectIQ, which monitors and manages individual projects and workflows — providing data around different vendors involved in a construction project; and MarketIQ, which provides market intelligence around where potential projects are likely to occur and which projects will be met with the most demand and success.

Joining Hamdy in the creation of Briq is Ron Goldschmidt, an experienced developer of quantitative-based trading strategies for several businesses. Hamdy, a former Wall Streeter himself, has long realized the power of data in the construction business. And with the new tools at his disposal — including the blockchain-based ledger system that forms the backbone of Briq’s project management software, Hamdy thinks he has developed the next big evolution in technology for the industry.

Briq already counts Webcore, a major contractor and developer, as one of its clients, along with Kobayashi, Probuild, Hunter Roberts OEG and Gartner Builders. In all, the company has contracts with nearly 12 developers and contractors.

All of the insights that Briq can provide through its immutable ledger can add up to big savings for developers. Hamdy estimates that there’s roughly $1 trillion in waste in the construction industry.

Briq relies on IBM’s Hyperledger for its blockchain backbone and through that, the company has a window into all of the decisions made on a project. That ledger forms the scaffolding on which Briq can build out its projections and models of how much a building will cost, and how could conceivably be made on a project.

“Construction and infrastructure are integral to society, but the decision-making process behind how, when, where, and why we build is no longer working,” said Hamdy, in a statement. “We aren’t just solving a construction problem, we are solving a societal problem. If we are to meet the infrastructure needs of both the developed and developing world, we must improve our decision-making and analysis around the data we have. We are thrilled to have the support of Eniac Ventures as we enter the next phase of our journey.”

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Apple Q1 2022 winners & losers: iPhone up, iPad down in bumper holiday

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Apple has released the earnings report for its first fiscal quarter of 2022, announcing yet another all-time record with revenue hitting $123.9 billion. The company credits a “very strong customer response” toward its latest and greatest products for the growth, noting its earnings ultimately jumped 11-percent compared to the previous year.

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Apple’s most recent fiscal quarter ended on December 25, 2021, raking in growth across the services, wearables, Mac, and iPhone products lines. The iPad was the only notable exception to the records, with the overall trend hinting at a bright future despite pandemic-related disruptions.

The company hasn’t provided forward guidance since the start of the pandemic and the most recent quarterly earnings report is no exception. Despite that, Apple CEO Tim Cook did offer some insight into the company’s expectations for the next quarter in a statement to CNBC, revealing Apple expects to see “solid year-over-year revenue growth” during its March quarter.

As with many other companies in the industry, Apple has been hit hard by supply chain disruptions. Though this issue won’t disappear overnight, Cook said Apple expects these “constraints” to be less of a problem in its next quarter compared to the December quarter.

Apple introduced its iPhone 13 series in September 2021, paving the way for typically high sales over the holiday period. As of October, the company warned that supply shortages may end up hitting the iPhone and iPad lines, potentially impacting holiday sales. This reality was reflected in consumers’ struggle to find the iPhone 13 Pro, at least in their desired configurations, for weeks after its launch.

Though the December quarter ended up exceeding analysts’ expectations, the struggle isn’t quite over. Cook explained that Apple’s “biggest issue” involves supply chain constraints related to legacy nodes, a problem we’ve heard before. However, Apple’s CEO did reveal the company is “doing okay” when it comes to acquiring leading-edge chips, which refers to the powerful hardware powering many of the smart devices used in everyday life.

The constraints aside, Cook also mentioned Apple’s ongoing environmental and social efforts as part of the company’s earnings announcement, stating:

We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice.

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Facebook Messenger will tell you if someone screenshots your disappearing message

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Meta CEO Mark Zuckerberg announced a major new feature for Facebook Messenger, one that will significantly improve privacy on the platform: Notifications when someone screenshots your disappearing messages in a Secret Conversation secured with end-to-end encryption.

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“New update for end-to-end encrypted Messenger chats so you get a notification if someone screenshots a disappearing message,” Zuckerberg wrote on January 27, 2022. “We’re also adding GIFs, stickers, and reactions to encrypted chats too.”

Facebook first introduced disappearing messages in November 2020, in both Messenger and Instagram. The move was part of a larger effort to provide additional protection across the company’s messaging platforms, with WhatsApp receiving a similar feature just weeks before.

From the very beginning, Messenger would notify users when someone took a screenshot of a disappearing message, making this latest announcement seem redundant. There’s one very important difference, however.

Facebook’s end-to-end encryption push

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Facebook has been working to roll out end-to-end encryption (E2EE) across its messaging platforms. E2EE is a significant upgrade from server-side encryption and is considered the gold standard of privacy and security. In the case of server-side encryption, the service provider has the key that can be used to decrypt your data. As a result, you can never truly be sure who is accessing your data and messages.

With E2EE, however, your data is encrypted in such a way that only you and the person you’re communicating with can read your message. Not even the provider, whose service you’re using, can intercept and read your messages. Needless to say, while E2EE offers unrivaled security, it can be more difficult to add features that are commonplace in non-E2EE services.

That distinction is what makes Zuckerberg’s latest announcement different. Facebook is now providing screenshot notifications within E2EE chats, adding an additional layer of privacy and security to such messages. The addition of reactions, GIFs, and stickers to these chats, meanwhile, will make private conversations a bit more exciting. The new features are rolling out now.

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Your iPhone could accept contactless payments in the future

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Apple is working on a service that will let you accept payments directly through your iPhone, according to a new report from Mark Gurman at Bloomberg. Gurman’s sources say that the tech giant has been working on the feature since 2020, when it purchased Mobeewave, the Canadian startup behind new tech for smartphones that lets them accept contactless payments from credit cards.

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Gurman reports that the payment system will probably rely on the iPhone’s near field communications chip (NFC). The iPhone already uses the NFC chip to process payments using Apple Pay, so it would make sense to build off of that usage with the new service.

Currently, users accepting payments via their iPhone have to rely on third-party hardware from companies like Square. With this new tech, though, businesses would be able to accept card payments by simply letting the customer tap their card against their iPhone. It’s an interesting concept, and one that could turn the world of handheld sales on its head depending on how Apple pushes it.

Apple could announce a new iPhone SE, too

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While Apple hasn’t shared any real details about the plan, or indeed any official news at all, it is something to keep an eye on. Additionally, Gurman says that the tech may debut later this year, alongside some other announcements that people are expecting from Apple. Chief among these other announcements is a new iPhone SE model, as well as an iPad Air that offers 5G connectivity. Gurman says those devices are expected to debut in March or April, and we’ve already seen previous reports about a new Mac that uses Apple’s custom-built processors, too.

Apple pushing towards accepting payments directly on its devices isn’t exactly a surprise. The company has slowly been expanding its payment options in the past, with the launch of the Apple Card, as well as a push to get Apple Pay in more stores around the world. The company also launched the Apple Cash Card, which allows you to send payments directly peer-to-peer, similarly to services like PayPal or Venmo. All we need to do now is wait and see how Apple pushes this new service, and exactly what it means for current payment providers like Square.

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