
Tech investments in AEC firms—architecture, engineering, and construction—have grown rapidly in the past decade, from $4.5 million invested in 2008 to $1.38 billion in 2018, according to data from CB Insights.
Construction is considered one of the least digitized industries. Venture capital firms see potential in increasing productivity and jobsite performance via construction technology. There has been relatively low growth in labor productivity; Mickinsey analysis found a 1% growth per year over the last two decades, compared to 3-4% in other industries. Closing this gap may add an estimated $1.6 trillion to the construction industry's annual output.
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