Checktobuild, the startup backed by EAE Madrid, closes a funding round of 1.3 million euros.
CHECKTOBUILD, a startup driven by EAE Madrid three years ago, has announced the closure of a $1.3 million funding round led by the Swedish family office Kulldorff, with the participation of Spanish venture capital firms such as Fides Capital and Brain VC, along with the American firms Capacity VC and Beresford Ventures.
The company, boasting a strong international presence, finalizes this operation as its second successful investment round. This funding round comes as a result of three years of work and over 30 pilot projects based on automated construction monitoring. Their software, based on 3D technologies and AI, prioritizes time-saving, cost efficiency, and reduced material waste in the projects where it's applied.
The driving force behind the success of this round has been the efforts of the startup's Marketing and Business Development team. While the product was being developed, they gathered feedback from some of the world's leading construction companies, accumulating a total of up to 30 pilot projects. This enabled them to enhance their solutions and address the demanded needs effectively.
Currently, the company operates in Spain and the United States, where it initiated its journey through MOSS CONSTRUCTION, and strategically maintains a presence in Latin America, serving operational clients in Chile, Mexico, and Peru.
About CHECKTOBUILD
CHECKTOBUILD, the pioneering company in autonomous construction supervision and technology through its C2B Platform tool, has been awarded the eAwards Spain for the most innovative project of 2023, presented by the NTT Data Foundation. The startup, born out of EAE Emprende Madrid service, has been honored with a non-repayable grant of €20,000 and access to a personalized acceleration program.
The company will represent Spain in the final round of the Global eAwards, where on October 26, it will compete against winners from 14 other countries in Europe and Latin America for an additional €100,000 prize, along with an intensive, customized acceleration program by NTT Data experts.
The C2B Platform tool aims to automate quality and progress processes within the construction industry. CEO and Founder, Alejandro Ruiz, summarizes its functionality: 'We automate site inspections using artificial intelligence. We enable construction projects, which would take weeks to decide in terms of quality and progress, to do so in minutes.'
Furthermore, he asserted, 'In the design phase, everyone knows specific companies, but in the execution of the project, that is, building better and faster, those benchmark companies do not yet exist. That's what we aspire to, and we're working very hard to make it happen.
Manual Measurements and Process Automation: the Origin and Future of CHECKTOBUILD
Checktobuild was founded in May 2020 with the goal of automating and making the two most important construction execution processes—Quality Control and Progress—more precise and objective. Alejandro Ruiz Lara, the startup's founder, is a 28-year-old software engineer. During his Master's in Project Management at EAE Business School Madrid and a stay at UC Berkeley, he encountered BIM technology. Through these new 3D models, architects could contribute more digitized data to construction projects.
Due to his technological knowledge and, especially, his personal background in construction—where his father and brother have always been involved in the industry—he saw a unique opportunity. 'My family comes from the construction world; my father and brother are builders, and they always lamented about the cost overruns and excess time. That's where I saw the opportunity to use these BIM models to compare them with the actual worksite and provide precise information on quality control and progress.'
Since childhood, he helped his father with manual measurements weekly for quality control and progress processes. Previously, it took at least a week to make decisions in each case, and these processes were carried out by two different teams, once or twice a week.