From stress sensors to cloud-based workflow apps, construction’s digital transformation is well underway. And the payoff is likely to be big. According to a McKinsey study earlier this year, adopting new technology and management techniques could add $1.6 trillion in value to the construction industry and improve its lagging productivity.
To address the latter, all eyes are on the field, with several companies developing mobile software that lets the entire project team capture and share information in real-time, or close to it.
“As [construction companies] become more digital and metrics-driven, all these things are forcing the construction industry to change and it’s a great opportunity for VCs,” said Chris Anderson, CEO of Berkeley, CA–based drone software company 3DR, which raised $53 million in Series D funding earlier this year.
Those investors are certainly biting. The con-tech sector has seen roughly$433 million in disclosed funding across 56 deals to date this year, according to CB Insights. Two of those deals were at or above $50 million.