Briq offers a platform that automates financial workflows for construction firms using generative automation bots, deployed via two products: Briq AutoPilot and Briq CoPilot. The company says it maintains a library of over 200 bots that can automate up to 80% of deterministic tasks such as accounts payable, accounts receivable, and payroll, and that it has automated over a million tasks to date. Briq serves nearly 400 customers and reported about 40% ARR growth in 2023 versus 2022. The company executed a cost-reduction strategy that cut headcount by 45% to 138 employees by the end of 2023. Briq positions its tools to improve forecasting, job cost management, revenue recognition, and risk detection to help contractors avoid overruns and missed change orders. CEO Bassem Hamdy cites competitors including UiPath and Automation Anywhere. The company plans geographic expansion into the Middle East, Asia and parts of non-English Europe, and expects to introduce conversational AI-driven transaction capabilities in 2024. Briq offers a construction-focused financial planning and workflow automation platform designed to reduce time on critical financial processes and improve forecast accuracy. Its product suite includes a Corporate Performance Management (CPM) platform for project- and corporate-level financial modeling and BriqCash, a construction-specific banking platform for invoices and payments. The company has proprietary technology to extract and manipulate financial data without APIs and construction-specific data models for cost and revenue projections. Briq currently manages or forecasts about $30 billion in construction volume, serves 150 customers (general and specialty contractors from $10M to $1B in revenue), and reported ARR growth of 200% from January 2020 to today. Headquartered in Santa Barbara, California, the company has grown to about 100 employees from 35 a year ago. Briq says its longer-term mission is to "manage 80% of the money workflows in construction within 10 years" and has plans to address larger international markets after focusing on North America. Briq provides a comprehensive suite of modern technology for construction companies, including AI-based forecasting, search, and automation to modernize financial management. The platform targets construction companies of all sizes. The company is led by Bassem Hamdy and Ron Goldshmidt. Briq raised growth capital to expand its operations and business reach. The articles describe the product focus on financial forecasting and intelligence for the construction sector. Briq builds construction software that combines a blockchain-based immutable ledger and machine learning to deliver project and market intelligence. Its two main offerings are ProjectIQ, which monitors and manages individual projects and vendor workflows, and MarketIQ, which provides market intelligence on where projects and demand are likely to occur. The platform relies on IBM’s Hyperledger as its blockchain backbone to create an auditable decision ledger that feeds its predictive models. Briq is based in Santa Barbara, Calif., and was formerly called Brickschain; it is led by founder Bassem Hamdy with co-founder Ron Goldschmidt. Operationally the company already has contracts with nearly 12 developers and contractors, including Webcore, Kobayashi, Probuild, Hunter Roberts OEG and Gartner Builders. The company has raised $3 million to fund expansion and aims to tackle what Hamdy estimates is roughly $1 trillion in waste in the construction industry.

Total raised

$51M

Funding rounds

4

Latest round

Series B

Latest activity

Jan 2024