Press release -
Nemetschek Group: Strategic Investment in US Start-Up and AI-Expert Reconstruct
- Leading technology for remote quality control and progress monitoring
- Infusion of capital to accelerate global expansion
- Perfect fit with Nemetschek strategy of investing in innovation drivers
Munich, 8 July 2021 - The Nemetschek Group, one of the world’s leading software providers for the AEC/O industry, participated in the series B financing round of Reconstruct, the US-based leader in remote quality control and progress tracking software powered by Computer Vision and artificial intelligence (AI). Jon Elliott, Chief Division Officer, Build & Construct Division and Member of the Executive Board of the Nemetschek Group will join Reconstruct’s Board of Directors.
Led by the Nemetschek Group and along with other leading AEC companies and tech titans, Reconstruct secured a total of around $17 million to develop remote quality control for construction and real estate, which in turn will make on-time and on-budget projects a reality. This infusion of capital will accelerate Reconstruct’s product roadmap and global expansion.
Reconstruct’s CEO, Zak MacRunnels, explains, “It is exciting to see major AEC technology companies like the Nemetschek Group value the transformational uniqueness of our software-as-a-service. Their investment enables us to deliver our multi-patented automated detection offering that adds significant efficiencies to the workflow delivered by general contractors to owners.”
“Tackling the industry’s biggest challenges, Reconstruct is leading the way in applying Computer Vision and AI to aid managers in understanding the quantity and quality of work completed and providing a project record for building and infrastructure projects,” says Jon Elliott, Chief Division Officer, Build & Construct Division and Member of the Executive Board of the Nemetschek Group. “We are excited to fuel Reconstruct’s growth through this investment and by connecting them with our open partner ecosystems of Bluebeam and other Nemetschek brands across architecture, engineering, construction and operations, thereby expanding the value of digitalization for the AEC/O industry.”
Reconstruct has continued its pace of 300% growth over the past 2 years. The company provides its software to customers ranging in complexity from 7-Eleven and McDonalds to billion-dollar construction firms and industrial and infrastructure owner-operators. Pfizer, for example, utilizes Reconstruct on their production facilities around the world.
The investment is a perfect fit to the Nemetschek Group strategy of supporting young companies to shape the future AEC/O market and drive innovation. See also a recent announcementabout the participation in the series A financing round of fast-growing Contech startup Sablono, the market leader in digital lean technology for construction enterprises.
Reconstruct® was founded in 2016 to make the built world a better place to live, work and play. With offices in Silicon Valley and the Midwest and team members located around the world, Reconstruct’s Visual Command Center for Construction™ brings together reality capture, design and schedule to provide construction and real estate assets remote quality control and progress tracking.
About the Nemetschek Group
The Nemetschek Group is a pioneer for digital transformation in the AEC/O industry. With its intelligent software solutions, it covers the entire lifecycle of building and infrastructure projects and guides its customers into the future of digitalization. As one of the leading corporate groups worldwide in this sector, the Nemetschek Group increases quality in the building process and improves the digital workflow of all those involved in the building process. Customers can design, build and manage buildings more efficiently, sustainably and resource-saving. The focus is on the use of open standards (OPEN BIM). The portfolio also includes digital solutions for visualization, 3D modeling, and animation. The innovative products of the 15 brands of the Nemetschek Group in the four customer-oriented segments are used by approximately six million users worldwide. Founded by Prof. Georg Nemetschek in 1963, the Nemetschek Group today employs more than 3,000 experts.
Publicly listed since 1999 and quoted on the MDAX and TecDAX, the company achieved revenue amounting to EUR 596.9 million and an EBITDA of EUR 172.3 million in 2020.