Briq

Cover Block

Attribute	Value
Name	Briq
Tagline	AI automation platform for financial and operational workflows in the construction industry.
Headquarters	Santa Barbara, CA
Founded	2018
Stage	Series B
Business Model	SaaS
Industry	Proptech
Technology	AI / Machine Learning
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding Label	$50M+ (total disclosed ~$38M)
Total Disclosed	~$38,000,000

Links

• Website: https://briq.com/
• LinkedIn: https://www.linkedin.com/company/briqhq

What an Investor Needs First

Briq is an AI automation platform that aims to rework financial and operational workflows for construction companies [TechCrunch, Jan. 2024]. Founded in 2018 by former Procore executive Bassem Hamdy, the company has built a library of over 200 generative automation bots to handle deterministic tasks like accounts payable, payroll, and forecasting, claiming to automate up to 80% of such processes [TechCrunch, Jan. 2024]. The founding team's deep domain experience lends credibility to the product's design and go-to-market strategy [Crunchbase News].

Financially, Briq is venture-backed, having raised a total of $38 million in disclosed capital, including a $30 million Series B in 2021 led by Tiger Global and an $8 million extension in January 2024 at a $150 million valuation [TechCrunch, Jan. 2024]. Its business model is SaaS, targeting contractors of varying sizes with a platform that promises extensive customization and implementation timelines ranging from weeks to months [briq.com].

Data Accuracy: GREEN -- Confirmed by multiple primary sources including TechCrunch and company materials.

Taxonomy Snapshot

Axis	Classification
Stage	Series B
Business Model	SaaS
Industry / Vertical	Proptech
Technology Type	AI / Machine Learning
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding	$50M+ (total disclosed ~$38,000,000)

Inside the Company

Briq was founded in 2018 in Santa Barbara, California, by Bassem Hamdy and Ron Goldshmidt [Crunchbase]. The company's origin is anchored in Hamdy's direct experience with the operational friction in construction finance, having previously served as Executive Vice President of Marketing and Enterprise Strategy at Procore Technologies [TechCrunch, 2019].

The company's first public funding milestone was a $3 million round in early 2019, followed by a $30 million Series B in June 2021 led by Tiger Global Management [TechCrunch, 2019] [TechCrunch, Jan. 2024]. An $8 million extension to that Series B in January 2024, co-led by Blackhorn and Eniac, valued the company at $150 million and brought in strategic investor Nemetschek [TechCrunch, Jan. 2024]. The company has also expanded its footprint through acquisition, notably purchasing Swipez [briq.com].

Data Accuracy: GREEN -- Founding date, headquarters, and key funding events are confirmed by multiple independent sources including TechCrunch and Crunchbase.

Under the Hood

Briq's core proposition is the automation of financial and operational workflows for construction companies. The platform is built around a library of over 200 generative automation bots, each trained to perform specific, deterministic tasks in areas like accounts payable, payroll processing, and job cost forecasting [TechCrunch, Jan. 2024]. According to the company, its AutoPilot product can automate up to 80% of these routine financial processes, while a separate CoPilot module handles more complex forecasting and risk detection [TechCrunch, Jan. 2024].

Implementation and customization are significant considerations. The company states that deployment typically ranges from a few weeks to several months [briq.com]. It also offers extensive customization options to tailor workflows and reports for general and specialty contractors [briq.com].

Data Accuracy: GREEN -- Core product claims and metrics are confirmed by TechCrunch and the company's own website.

Market Research

A construction industry facing persistent labor shortages and margin pressure is turning to automation for complex, error-prone financial workflows. The market for construction-specific financial automation software is a niche carved out of larger, adjacent software markets, driven by the sector's unique data fragmentation and regulatory requirements.

The global construction management software market was valued at approximately $12.5 billion in 2023 and is projected to grow at a compound annual rate of around 9% [Fortune Business Insights, 2024]. Within this, the financial management software segment for construction is a substantial component. The presence of a dedicated, venture-backed player like Briq suggests investors see an opportunity to capture a meaningful portion of this financial management spend by offering a specialized, AI-native layer.

Metric	Value
Construction Management Software (Global, 2023)	12.5 $B
Projected CAGR (2024-2030)	9 %

Data Accuracy: YELLOW -- Market sizing is drawn from an analogous, published third-party report for the broader category.

Competition and Substitutes

Briq's competitive position is defined by its focus on a specific, high-friction workflow within a larger software ecosystem.

Company	Positioning	Stage / Funding	Notable Differentiator	Source
Briq	AI automation platform for financial & operational workflows in construction.	Series B; ~$38M total disclosed.	Proprietary library of >200 generative automation bots targeting deterministic finance tasks.	[TechCrunch, Jan. 2024]; [briq.com]
Pype (by Autodesk)	Project intelligence & automation for construction workflows, including submittals and closeout.	Acquired by Autodesk (2020).	Deep integration within the Autodesk Construction Cloud ecosystem.	[Autodesk]
Procore	Comprehensive project management platform for the construction industry.	Public (NYSE: PCOR).	Dominant market position with a full-suite offering and extensive third-party integrations.	[Procore]
Sage Construction Suite	ERP and accounting software tailored for construction.	Part of Sage Group, a large public enterprise software company.	Long-standing presence in construction accounting and financial management.	[Sage]

Data Accuracy: YELLOW -- Competitor profiles and Briq's differentiators are confirmed by primary sources.

Opportunity

The headline opportunity is for Briq to evolve from a specialized financial automation tool into the default AI orchestration layer for the entire construction enterprise. By establishing its platform as the system of record for finance, Briq gains the positional authority and data access to expand into adjacent operational functions like procurement, compliance, and project management [briq.ai]. The presence of strategic investor Nemetschek provides a plausible channel for deeper integration and cross-selling [TechCrunch, Jan. 2024].

Data Accuracy: YELLOW -- The core product claims and funding details are well-sourced from TechCrunch and the company's website.

Sources

1. [TechCrunch, Jan. 2024] Briq, a startup that uses AI to automate finances in construction, brings in $8M extension at a $150M valuation | https://techcrunch.com/2024/01/18/briq-a-startup-that-uses-ai-to-automate-finances-in-construction-raises-8m-extension-at-a-150m-valuation/
2. [briq.com] Our Company | https://briq.com/our-company
3. [briq.ai] Briq | https://briq.ai
4. [Crunchbase News] Crunchbase News | https://news.crunchbase.com/
5. [Crunchbase] Briq - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/brickschain
6. [TechCrunch, 2019] Briq, the next building block in tech's reconstruction of the construction business, raises $3 million | https://techcrunch.com/2019/02/22/briq-the-next-building-block-in-techs-reconstruction-of-the-construction-business-raises-3-million/
7. [briq.com] Briq Announces Acquisition of Swipez | https://briq.com/press-release/briq-announces-acquisition-of-swipez
8. [Fortune Business Insights, 2024] Fortune Business Insights | https://www.fortunebusinessinsights.com/
9. [Autodesk] Autodesk | https://www.autodesk.com/
10. [Procore] Procore | https://www.procore.com/
11. [Sage] Sage | https://www.sage.com/