This Q&A is taken from the full podcast episode we recorded with Mike.

Q: What is BuildVision?

A: BuildVision is a procurement network that connects all stakeholders in the construction industry to source, procure, finance, track, and ship critical components for construction projects, focusing primarily on large mechanical and electrical gear.

Q: What problem does BuildVision solve?

A: BuildVision addresses the inefficiencies in the current procurement process for mechanical and electrical equipment in construction. It aims to streamline communication, reduce lead times, improve pricing, and provide better supply chain visibility.

Q: How does BuildVision’s pricing model work?

A: Unlike traditional SaaS models, BuildVision’s pricing is based on the value it provides. The platform takes a percentage of the cost savings or markup generated through more efficient procurement, ensuring that BuildVision only makes money when its customers do.

Q: Who are BuildVision’s target customers?

A: The initial focus is on large general contractors, particularly those in the top 100. The platform is designed to work with contractors that have the capacity to handle multiple large-scale projects simultaneously.

Q: How does BuildVision leverage technology?

A: BuildVision uses data mining and machine learning to normalize construction data, automatically identify equipment in project drawings, and match base designs with comparable components from different manufacturers. It also provides tools for requesting and comparing quotes across multiple projects and manufacturers.

Q: What’s your view on AI in construction?

A: While AI has potential in back-office tasks, I don’t believe it will revolutionize on-site construction in the next 5-10 years. The unique nature of each construction project makes it challenging for current AI models to provide significant value in the field.

Q: How did you fund BuildVision?

A: We raised a pre-seed round of $780,000 from Euclid Ventures and recently closed a $3 million seed round led by Crosslink Capital.

Q: What’s your expansion strategy?

A: Currently, we’re focused on the US market, but our platform is built to scale globally. We’re starting to see interest from international entities, particularly in regions where manufacturers sell directly to contractors, such as EMEA, EU, and Australia.

Q: What’s your advice for construction tech startups?

A: Focus on solving real, tangible problems for your customers. In construction, it’s crucial to understand the day-to-day pain points of the people on job sites. Don’t just push technology for technology’s sake – show how your solution can make projects more profitable or efficient.

Q: What’s the future vision for BuildVision?

A: Our goal is to become the trusted platform for all construction procurement. We’re continually expanding our capabilities, from initial identification of equipment needs to facilitating competitive quotes across multiple projects and manufacturers. Ultimately, we aim to IPO and become a major player in revolutionizing construction procurement.