December 18, 2018

Finalcad raises $40 million to digitize the construction industry with apps and analytics

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Despite being a $10 trillion industry, construction is not famed for its efficiency — a 2016 McKinsey report suggested that the industry ranks among the lowest in terms of productivity, in part due to a lack of digitization.

Against that backdrop, a number of technology startups have emerged to help construction firms optimize their operations. One of those is Paris-based Finalcad, which provides a range of software and analytics products to help construction companies manage processes and garner insights through predictive analytics.

Among its apps are Finalcad Live, which is essentially a platform for all the various parties to provide updates, including pictures, descriptions, details about issues, and general activity reports. It’s kind of like a social network for builds.

The main Finalcad app is where users can upload project blueprints, create punch lists, and more. Ultimately, it’s about joining the dots between foremen, site engineers, architects, and everyone else involved to discuss details across plan drawings, tasks, safety procedures, and progress.

Finalcad can then look across the wealth of data this generates to provide insights and best practices guidelines through analytics.

Today, Finalcad announced a fresh $40 million raise in a round of funding led by Draper Esprit, with participation from Salesforce Ventures and Cathay Innovation, among other investors. The French company has now raised north of $60 million since its inception in 2011, and with its latest cash injection it said that it plans to double down on its existing markets across Europe and Asia, while it also plans to target the U.S. in 2019.

Keep reading on VentureBeat.com

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