Bassem Hamdy has been in the construction business for a long time.
He spent the last few years in the Procore construction software business, now a $ 3 billion company developing technology for the construction industry, and now Hamdy is set to present his next act as CEO and co-founder of Briq, a new software service for the industry.
Hamdy started Briq with its own cash, accumulated through secondary sales as Procore climbed the ranks of startups to achieve its unicorn status of the construction industry. And the company just raised $ 3 million in financing to fund its expansion.
“With enough high schools you can afford to make your own decisions,” says Hamdy.
His experience in construction dates back to his early days. Hailing from a family of construction engineers, Hamdy describes himself as a black sheep who entered the financial services industry, but construction continued to push him back.
Starting in the late 1990s with CMIC, which was the construction company’s resource planning, and continuing with Procore, Hamdy had success after success in the business, but Briq is the culmination of all that experience, he says.
“As much as data entry helps people, data intelligence software changes things,” says Hamdy.
The Santa Barbara, California-based company is one of a growing number of Southern California tech startups creating companies to serve large sectors of specific industries, specifically real estate and construction.
Already procore is a $ 3 billion behemoth, and ServiceTitan has grown into a billion dollar company too, with its software and services for air conditioning and appliance repairers.
Now Hamdy’s briq, Backed by Eniac Ventures and MetaProp NYC, he hopes to join their ranks.
“Bassem built and helped run the most successful construction software companies in the world. “It is rare and humbling to have the opportunity to help build a company from the ground up with an industry legend,” says Tim Young, General Founding Partner of Eniac Ventures. . “The technology that Bassem and his team are building will do something the industry has never seen before: break down data silos to take advantage of real-time information. Bassem has built and run the world’s most successful building software companies, and his knowledge of the building space and data space is second to none. “
The company, formerly Brickschain, uses a combination of an immutable, blockchain-based ledger and machine learning tools to provide strategic information about buildings and projects.
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 on 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 greatest demand and success.
Joining Hamdy in creating Briq is Ron Goldschmidt, an experienced developer of quantitative data-driven trading strategies for various companies. Hamdy, a former Wall Streeter, has long realized the power of data in the construction business. And with the new tools at his disposal, including the blockchain-based accounting system that forms the backbone of Briq’s project management software, Hamdy believes he has developed the next great evolution in technology for the industry.
Briq already has Webcore, a major contractor and developer, as one of its clients, along with Kobayashi, Probuild, Hunter Roberts OEG, and Gartner Builders. In total, the company has contracts with nearly 12 developers and contractors.
All the insights that Briq can provide through its immutable accounting can add up to big savings for developers. Hamdy estimates that there is approximately $ 1 trillion in waste in the construction industry.
Briq trusts IBM Hyperledger For its blockchain backbone and through that, the company has a window to all the decisions made on a project. That ledger forms the scaffolding on which Briq can build its projections and models of how much a building will cost, and how it could be done in a project.
“Construction and infrastructure are an integral part of society, but the decision-making process behind how, when, where and why we build no longer works,” Hamdy said in a statement. “We are not just solving a construction problem, we are solving a social problem. If we want to meet the infrastructure needs of both the developed and the developing world, we must improve our decision-making and our analysis around the data that we have. We are delighted to have the support of Eniac Ventures. As we enter the next phase of our journey. “