Briq, a platform that automates accounts payable and payroll for all construction firm divisions, earned $8 million in an expansion round at a $150 million valuation. Tiger Global Management led a $30 million Series B funding round for the business in June 2021.
CEO and co-founder Bassem Hamdy told Eltrys that the firm chose to “wait out the market” and raise a lesser sum with less dilution at a flat value rather than raise a Series C.
With the extension, Tiger Global increased its Briq investment. Blackhorn, Eniac, and MetaProp, whose managing partner Aaron Block will join Briq’s board, led the investment. German multibillion-dollar business Nemetschek also signed on.
Briz reported a 40% increase in ARR from 2022 to 2023 with approximately 400 clients. The company’s cost-cutting plan has reduced staff by 45% to 138 by 2023 from 2022.
Choate Construction, Catamount Constructors, Fessler & Bowman, and Elder Construction are customers.
Hamdy stated that Briq improves other options by sitting on top. “Playbook-like”
Automation bots for business
Briq, founded in 2018 by former Procore executive Hamdy and Wall Street veteran Ron Goldshmidt, claims to have used AI before it was widespread.
Briq leverages proprietary technologies, including generative automation bots. Hamdy claims the business has over 200 bots trained in “how to perform the actions and tasks that are otherwise done by humans in these financial workflows specific to the construction space.”
Briq uses it in AutoPilot and CoPilot. Up to 80% of business activities “that are highly deterministic and predictable in nature, such as accounts payable, accounts receivable, and payroll processing,” are automated by Briq AutoPilot bots.
“These bots have learned to read documents, apply logic to their contents, and act based on those rules,” said Hamdy. Consider it Tesla’s autopilot for your accounting group. Construction has a manpower shortage; therefore, employ our software instead of sending people to these departments.”
Briq CoPilot uses the technology too. That product automates revenue recognition, revenue forecasting, and job cost forecasting. Hamdy said that end-user coaching and risk identification assist contractors and project managers in preventing cost overruns, missing change orders, and other financial hazards.
Briq believes this reduces overhead expenses and boosts profit margins. Briq claims to have automated over a million building activities.
UiPath and Automation Anywhere are Briq’s rivals, says Hamdy.
Extension into new regions
MetaProp’s Block thinks Briq’s approach is unique in construction.
“We usually think of construction robots as jobsite machines. But Briq has flipped that on its head and presented the concept that robots can control costs, handle payroll, run predictions, and execute all sorts of other humdrum but highly crucial duties in the back office,” he said. This has affected the construction sector. Can their firm scale an army of digital robots to find earnings leaks? They’re on call 24/7. Yes, please!”
Briq serves North American general and specialist contracts, but it hopes to expand into additional markets in the future.
“We’re excited about more than English-language markets. Hamdy said that construction markets aren’t fantastic. “I like the Middle East, Asia, and non-English emerging markets in Europe. We’re going forward vigorously on it.”
Hamdy hopes conversational AI can guide banking transactions.
He replied, “That’s coming in 2024.”.
