Search
Close this search box.
Search
Close this search box.

Briq: Using Generative AI to Automate Finances in Construction

Image Credits: iStock.com/Charnchai
By: Headliners News / January 23, 2024

In the digital world of up & coming innovative startups, Briq, a tech startup working to revolutionize financial automation in the construction sector through the power of AI, has recently secured an $8 million funding extension at an impressive $150 million valuation. This achievement stands out amidst a backdrop of challenges faced by many startups grappling with lower valuations or difficulties in fundraising.

Briq’s platform, designed to streamline financial workflows across all departments of construction companies, recently concluded its funding round with Tiger Global Management leading a $30 million Series B financing in June 2021. In a strategic move, Briq decided to navigate the market by opting for a smaller dollar amount in an extension round, minimizing dilution while maintaining a flat valuation. Bassem Hamdy, the CEO and co-founder, shared in an interview with TechCrunch that this approach was chosen over pursuing a Series C funding round.

Tiger Global reaffirmed its commitment by participating in the extension, co-led by Blackhorn and Eniac, with MetaProp and the notable German firm Nemetschek joining as backers. Aaron Block, managing partner at MetaProp, is set to join Briq’s board, underlining the confidence in the startup’s potential.

With nearly 400 customers, Briq reported a robust 40% growth in Annual Recurring Revenue (ARR) in 2023 compared to the previous year. Notably, the company executed a strategic cost-reduction plan, resulting in a 45% decrease in employees, down to 138 by the end of 2023.

Briq’s clientele includes industry names like Choate Construction, Catamount Constructors, Fessler & Bowman, and Elder Construction, among others. The startup positions itself as a solution that optimizes existing systems, describing its role as sitting “on top of other solutions to run them better,” according to Hamdy.

Founded in 2018 by Bassem Hamdy and Ron Goldshmidt, Briq prides itself on incorporating AI into its offerings before it became a mainstream term. The startup’s proprietary technologies include a library of over 200 generative AI automation bots. These bots, used in products like Briq AutoPilot and Briq CoPilot, automate various financial workflows specific to the construction industry.

Briq AutoPilot focuses on automating up to 80% of deterministic and predictable business processes, such as accounts payable and payroll processing, using bots that have been trained to read documents, apply logic, and take actions based on rules. On the other hand, Briq CoPilot automates financial forecasting processes, introducing end-user coaching and risk detection to enhance project management.

Briq’s unique approach has garnered attention, with MetaProp’s Aaron Block expressing enthusiasm about the integration of robots in the back office for tasks like managing costs, processing payroll, and running forecasts. The company claims to have automated over a million tasks in the construction industry, helping companies reduce overhead costs and boost profit margins.

Looking to the future, Briq aims to expand beyond North America and explore opportunities in the Middle East, Asia, and non-English emerging markets in Europe. Bassem Hamdy is particularly excited about the potential use of conversational AI to instruct financial transactions, signaling a promising trajectory for the innovative startup.

What do you think?

2 People voted this article. 2 Upvotes - 0 Downvotes.
Please Share This

What do you think?

Show comments / Leave a comment

Leave a reply