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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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Satechi USB-C Slim Dock For 24-Inch iMac Review: Fixing Shortcomings

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There are plenty of iMac docks on the market today, especially after the launch of the 2021 M1 models. Part of the tradeoff for the computer’s gorgeously slim design is the dearth of ports, all of which are hidden behind its screen. But while many of these docks and hubs are advertised as compatible with the 24-inch iMac, Satechi’s new dock takes that to the extreme — in fact, the USB-C Slim Dock is designed only for the 24-inch M1 iMac. Sure, you could use it for other computers, but then you lose one of its biggest features.

That feature is actually the wide gap on its bottom that perfectly fits the base of the iMac. This makes the dock look almost like it’s part of the iMac itself, especially if you get matching colors. The dock also creates a wider base that you could put things on if you like. Either way, its exclusivity to the 2021 and 2022 M1 iMacs works in its favor, creating a seamless appearance that fits the machine perfectly.

Whether you match colors or not, the Satechi USB-C dock matches the build quality of the iMac it sits on. Made from durable aluminum, the accessory looks premium and stylish, adding some character to your desk just as much as the iMac does. The material also makes heat dissipation more effective, which comes in handy given its hidden superpower. If there’s one disappointing aspect of the dock, it would be that it’s available only in silver and blue colorways that won’t color match all the available iMac hues.

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This Space-Age Electric Scooter Has Steering-Assist And A Controversial Design

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Bo’s e-scooter was never meant to be conventional. However, there is a danger that the ditching of a long-established mechanical element may cause some debate and controversy within the e-scooter community. The change involves the hinge most e-scooters have between the stem and the deck, which bo has removed entirely, meaning the M is un-foldable. It’s too early to say if bo’s choices will lead to a full-blown scooter civil war, but the company is standing by its decision, with CTO Harry Willis saying, “Aware that to some it is controversial, we made a conscious decision to eliminate the fold, launching bo M with an unbroken Monocurve chassis.”

The startup argues that the benefits of ditching “the fold” outweigh any inconveniences. Those claimed benefits include increased ride quality, safety, and reliability. “It represented a point of weakness, so that directed us to this final design,” Willis said. The downsides are essentially limited to the scooter taking up more space when not in use. This may not even be an issue at all, with bo claiming the majority of people never even bother to fold their scooters in the first place. They also claim this puts the M in an entirely new category, with it hovering somewhere between a classic e-scooter and a larger, more practical, e-bike. Sometimes change is good.

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The 5 Best And 5 Worst 3-Wheeled Cars On The Market

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Hailing from the Isle of Man in the middle of the Irish sea is the Peel P50, which is said to be the smallest production car ever made. Looking at it, it is hard to disagree. The P50 has enough room for one person, barely, and offers minimal protection from the elements. The Peel offers minimal car in general. For someone who wants to own a piece of curios history and have a toy to bring out every once in a while, the P50 is fine. For anyone who wants a vehicle, even as a weekend toy, and drives it often, the P50 is terrible.

The Peel was made in the early sixties and only managed to produce 49 in total. It is powered by a 49cc DKW scooter engine, providing a whopping 4.5 horsepower. It’s got 3 forward gears and the reverse is handled literally by a handle. You must lift up the rear and turn it in the direction you want to go (via BBC). Such niceties as climate control and electric start are pipe dreams for this car as well.

For reasons unknown, someone has decided to make new models. Since there were only 49 made in the first place, a dearth of tiny and useless cars drove up the prices and it seemed somehow to be necessary to create more for someone to drive for some reason, presumably. In the end, it’s an oddity that is impractical in every way and should not be driven ever.

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