Last Week in ConTech - 21 August 2023
Build America, Buy America guidelines
ConTech Roundup - Startup funding & news and acquisitions that was important this week in Construction Technology. No fluff. No hype.
Last Week in ConTech - 21 August 2023
Startup Funding
Buildings
Verdigris, a California startup, raised $10m. They have a building energy management platform which provides real time data to help companies reduce emissions. More here.
SkyCool Systems, a Californian startup, raised $5m in seed funding. They make radiative cooling panels for the built environment. More here.
Transport
Zeelo, a Boston startup, raised $14m in Series A extension funding. They empower bus operators, employers and schools to provide sustainable transport. More here.
Energy
Renewa, a New York startup, raised $450m. They are creating a land acquisition and infrastructure investment business for the renewable energy industry. More here.
Construction
Sensera Systems, a Colorado startup, raised an undisclosed amount of Series A funding. They use cameras to provide real time jobsite intelligence. More here.
Electrification
ElectroTempo, a Virginia startup, raised $4m in seed funding. Their software helps companies forecast EV charging needs and identify best charging site locations. More here.
Other
Altos Radar, a California startup, raised a $3.5m round. They aim to replace lidar with 4D millimeter wave radar. More here.
Flueid, a Texas startup raised $12.5m in Series B and debt funding. They use data to accelerate the verification of title across the real estate lifecycle. More here.
New Funds / Acquisitions
Assembly Ventures, a Michigan based VC fund, closed a $76m fund. It will invest in technologies across the mobility sector. More here.
TyLin, a San Francisco infrastructure firm, acquired Architectural Engineers Collaborative (AEC), a Texas based structural engineering firm. More here.
Bentley Systems, a Pennsylvania based infrastructure engineering software company, acquired Blyncsy, an Utah based company providing AI services to support operations and maintenance activities for departments of transport. More here.
Occidental Petroleum, a US oil producer, has acquired Carbon Engineering for $1.1b to help them build 100 carbon capture plants. More here.
News
What to know about final Build America, Buy America guidelines
Rules around construction materials used in Federal infrastructure projects have been clarified.
The rules apply to: iron and steel products, manufactured products and construction materials
To be ‘Made in America’, 55% of the cost of its components have to be fabricated domestically.
The awarding agencies can issue waivers if any of the following reasons:
Public Interest - if applying rules are inconsistent with public interest
Nonavailability - when US products are not available
Unreasonable cost - if US materials increase cost by more than 25%
McKinsey rolls out generative AI tool ‘Lilli’ to 7K employees
The company’s proprietary generative AI platform lets workers search archival data.
Executives cited using the tool as a thought-sparring partner ahead of meetings and presentations
The stakes are high – so are the rewards: AI and the future of construction
Hanson, a cement company, is planning to invest $500m to add carbon capture technology to a cement plant in the UK. More here.
The Boring Company Gets the go-ahead on Digging a 68-mile tunnel network under Las Vegas
Robotaxis Score Huge Victory in California with Approval to Operate 24/7
Wall Street Is Ready to Scoop Up Commercial Real Estate on the Cheap (WSJ)
Federal infrastructure investments buoy engineering and construction firms
If I missed anything this week, please reply and let me know! I’ll make sure to include it next week.