Our world is constantly being developed and the construction industry is hands down one of the most influential and important industries in the entire world. The construction industry impacts every single person on this earth and we might not even realise it but it also impacts many aspects of our lives. Construction is something that is largely still very backward and is considered one of the weakest sectors in the world when it comes to incorporating innovative technology.
Also, construction projects are difficult to finance with some projects being self-funded meaning that enough money is generated in the earlier construction phases to fund work in the later phases. Sometimes projects are also externally funded by different types of loans, such as a construction-only loan which is a short-term loan issued for 1 year and only covers the construction period. You also get a construction-to-permanent loan that custom home builders can apply for.
These are just 2 examples of the many types of construction loans available. No matter which one works for you, you have to find the right way to borrow money for building the home of your dreams. With $9.5 billion in earnings in 2020, Rocket Mortgage is the largest mortgage lender in the country. It is very well-known in the stock market, especially after Rocket Companies soared 71% earlier this year when the stock rose to $43. The application process is very simple, and you can do it through a mobile app. But where do construction start-ups stand?
New start-up construction companies are constantly popping up in our fast-developing world. Construction impacts the economy massively. It also impacts politics, individuals, and communities all around the world making it easy to see why there are so many start-up construction companies hoping to shake up the traditional models and methods with the hopes of replacing them with new and innovative ways of thinking. Below are details of 10 start-ups in construction space.
1. Acre homes
This construction start-up aims to produce homes that are energy efficient and their target demographic is people who don’t want to spend time fixing their home but rather enjoy life experiences. Their motto is “We build homes that allow you to focus on life, not the upkeep, or energy bills.” This perfectly summarizes what this company is all about. This start-up incorporates sustainability in their designs and they use what is called the zero energy model that lets homes generate their own power which eliminates electric bills and gas. The homes that this start-up offers are compact and modern while being affordable and advanced technologically. This company is definitely bringing sustainability to the construction space.
2. Built robotics
Built Robotics is on a mission to build construction equipment. The company upgrades heavy construction equipment with the help of artificial intelligence guidance systems. Built Robots’ technology allows machines to fully operate autonomously. Their machines have a perfect safety record to ensure safe operations and this company is very innovative, aiming to create modern solutions for today’s problems. They provide equipment for infrastructure, mining, residential and commercial use. This company brings modern innovation to the construction space.
3. Noble Iron
Noble Iron is a rental depot where you can rent a range of different construction equipment. The company supplies to Southwest Texas and Southern California and they exclusively deal with equipment and sell accessories. Noble Software has a software enterprise that is in the business of managing equipment ownership, sales, and rentals. Their mission is simple: they aim to make rental management instant and easy. They create solutions to empower customers to grow and manage the business with the help of technology and software platforms. This is an innovative use of technology.
Civalgo is a company that is involved in the planning and execution of construction plans. Their core purpose is to help the construction industry finish tasks on schedule while sticking to their budget. This start-up manages project performances based on schedule, quality of execution, and cost control. This company provides efficiency to the construction space.
5. Real Connex
Real Connex is an online tool founded by commercial real estate professionals and allows real estate professionals to stay connected. This platform allows real estate professionals to create a profile and stay connected, similar to a social media site and this marketplace connects investments, capital, and services at an affordable cost.
Hubble is an award-winning construction management digital platform. With this platform, you are able to manage and track your machinery and material supply, increase accountability and visibility across your key resources and be ready to deliver as well as configure and customise your workflows and forms. This start-up incorporates modern innovation and technology into the construction space.
Flipt is for the real estate industry. It is an online selling market where home sellers and agents can look for prospects. Through smart advertising, the agent needs to work on winning a listing. Agents can create ads that will reach homeowners who are verified at the right time. Home sellers can click on the ads where they will have access to information from the agent’s Flipt landing page. This is innovation at its finest and again, it incorporates technology which is the future.
Joist is a tool that allows contractors to estimate, manage and invoice projects from their iPhone, iPad, or any device that connects to the internet. It is a great platform for homeowners who need recommendations for a contractor. Joist provides communication that is clear and they handle logistics to ensure that the job gets done according to the way you planned it. It also makes mobile payment simple by estimating invoices for your contractor. This company is bringing convenience to the construction space.
Flexofibers transform steel waste from tires that are out of use into flexible steel fibres. This company contributes to the reduction of land waste as well as tire recycling. Flexofiber is dedicated to being green and eco-friendly and they are bringing sustainability to the construction sector.
10. Mighty Buildings
Mighty Buildings is at the top of innovation, creating high-quality and sustainable homes using 3D printing, automation and robotics. This company is eco-conscious with the environment and local communities on their radar. They aim to tackle the housing crisis in a sustainable way.
So there you have it, 10 start-up companies in the construction industry that are very innovative with their use of technology.