It may not be the tech wreck of 2001, but the Silicon Valley formula for launching startups that has captured construction tech and proptech headlines and industry imaginations over the past decade has definitely taken its lumps in the past year. The absolute rout in the sector’s SPACs, the sell off in big tech, the lack of IPOs and big exits, the failure of Silicon Valley Bank, and rising interest rates and possibly just a growing uneasiness about the economy have contributed to a pullback in venture funded deals. It was a theme we heard repeatedly at our Venture West Conference in San Francisco last month. Beyond these fresh headlines of gloom, our data paints a picture of an industry whose giant multi-national leaders, with a more patient and strategic lens, are filling much of the gap the funds are leaving. We call this group of large companies investing millions to foster innovation across the ecosystem globally, our Global Innovators. Arguably, their overall investment in emerging tech dwarfs that of the industry’s funds, and we look forward to learning more when we host them at our first ever, Global Innovators Dinner in Paris this June.
Read Below for A Few Updates on Recent Activities of the BuiltWorlds Global Innovators Ahead of Our Paris Summit Global Innovators Dinner
Click here to learn more about the Global Innovators highlighted on the 2022 List.
CRH
In December of 2022, global building materials company, CRH, announced a $250 million fund dedicated to investment in the sector. Then, this past February, CRH announced an investment in Carbon Upcycling Technologies(CUT), a company whose patented technology aligns closely to CRH’s circular, zero-waste sustainability values.
Hilti
Meantime, in the wake of the announcement of SVB’s failure, Hilti, a global leader of technologically leading products, systems, software and services for the energy and construction industry, announced a strategic partnership with Canvas, a construction robotics company that has developed a robotic drywalling solution aiming to empower people to build in bold new ways. (Note: Hilti was not featured on our 2022 list because they were featured on our 2021 Global Innovators List).
Ferguson
Last month, Ferguson plc, a leading value-added distributor in North America providing expertise, solutions and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more, announced it was teaming up with Starwood Capital Group, a private investment firm with a core focus on global real estate, to invest in Higharc, the intelligent homebuilding platform for design, sales, and construction. (Read the press release here.)
Schneider Electric
After announcing a second 500 Million Euro Fund last November on top of 500 million Euro already committed, SE Ventures, the investment arm of global industrial automation and energy management firm Schneider Electric, has followed up with investments like its participation in the $25 million series B for sustainable financing platform, Banyan Infrastructure.
Larson & Toubro
On the heels of announcing hiring a new venture investment leader last year, Indian multi-national, EPC Larson & Toubro, participated in a series A round this past January in oPro.ai, a Houston, Texas-based software platform that, according to the press release “provides artificial intelligence (AI) powered deep learning optimization for intelligent process automation to improve outcomes.”
Much More From the Class of 2022 at BuiltWorlds Paris Summit and Beyond
When we gather in Paris in June, we will have the opportunity to learn much more about the work the Global Innovators are doing to drive innovation within the global buildings and infrastructure space. So, look for coverage of the event or join us there. We will be kicking things off with a review of Vinci’s latest at their Leonard Accelerator on Wednesday. Then, we will hear the latest from another Global Innovator on Thursday when Saint-Gobain hosts BuiltWorlds Demo Night at their headquarters in La Defense, and finally, we will spend Friday evening toasting the industry’s Global Innovators at a Gala Dinner in the Winter Garden of the Westin Paris Place Vendome. There will be much more to learn about and to do coming out of the event, and we will look forward to sharing more in future Analyst Briefing, Calls, and other research.
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