In the last few years, U.S. and foreign investors have turned their attention to construction technology companies focused on helping contractors take advantage of the time- and money-saving benefits of automation.
Quoting from a recent report from research company CREtech, The Wall Street Journal reported that venture capital investment in private contech firms increased from $352 million in 2016 to more than $6 billion in 2018 and noted that 2019 funding is on track to surpass that.
McKinsey partner Jose Luis Blanco told Construction Dive that the technologies gaining the most momentum in construction are artificial intelligence, digital twins (including the use of drones employed in that effort), robotics and 3D printing.
A recent competition hosted by the venture capital arm of Mexican cement manufacturer Cemex highlighted 10 startups that are poised to make an impact on the industry. Open to companies across the world, the contest was evaluated by experts in construction, investment and entrepreneurship roles. The winning startups are: