Suffolk Tech Accelerator Boosts Construction Startups
New companies in green building, robotics, design, supply chain, marketplace and fintech spaces showcase their work
Suffolk Technologies hosted its second annual Boost Demo Day, concluding a six-week program that supports tech startups focused on addressing industry challenges. The venture capital and technology investment arm of Boston-based contractor and real estate firm Suffolk started the startup accelerator to bring construction technology companies together to expand their networks and raise funding.
Photo Courtesy of Suffolk
Suffolk Technologies hosted its second annual Boost Demo Day earlier this month at its Boston headquarters. The venture capital and technology investment arm of Boston-based contractor and real estate firm Suffolk started the Boost program to bring construction technology startups together to expand their networks and raise funding.
Six startups working in the green building, robotics, design, supply chain, marketplace and finance technology spaces showcased their companies to potential investors on Demo Day after going through Suffolk's accelerator program. Over the course of six weeks the startups worked with Suffolk operational personnel, consultants, industry leaders and academics to refine their products. This year’s accelerator selected its finalists from more than 100 applicants, a 20% larger applicant pool than last year. The finalists from the 2020 Suffolk Boost raised more than $100 million collectively from investors.
“We take tremendous pride in offering a program designed to accelerate innovation and growth in the construction industry, an industry that can oftentimes be slow to evolve,” Parker Mundt, operating director of Suffolk Technologies said in a statement.
The Boost program includes lectures and panel discussions given by Suffolk leaders, professors at the Massachusetts Institute of Technology and Suffolk Technologies portfolio company founders. Startups also get dedicated time with the Suffolk CoLab Construction Solution directors, who will partner with the finalists and potentially test their solutions on Suffolk project sites.
Partnering with MIT’s Center for Real Estate, Bain Capital Ventures, RXR Realty, Liberty Mutual Insurance, Hilti, Ninefour Ventures, Romulus Capital, Procore Technologies, EquipmentShare and OpenSpace allowed leaders from these organizations to participate in brainstorm sessions and discussions with the startups.
Suffolk Technologies says many of these organizations plan to invest in the startups.
Alon Geva, CEO of WINT, called the program “instrumental” to his company’s growth plans. WINT uses artificial intelligence to detect and stop water leaks at the source by alerting users when water is leaking and automatically shutting off the water. Geva said the program taught his team how to be more “effective” and they are “excited to grow our operation and drive the reduction of water damage on projects throughout the country.”
Other companies participating in this year's Demo Day included:
- Soil Connect, a digital platform focused on the multi-billion dollar soil and aggregates industry. Its platform was created for excavators, contractors, builders, landscapers and other building professionals who work with soil and aggregates on a regular basis. The platform connects those who have soil and aggregates, with those who need it.
- NYFTY, an AI-intelligence Bot that solves communication issues on construction sites automating tasks such as daily reporting, manpower counts, and other processes in the construction space.
- Felux, a digital marketplace, supply chain and procurement platform for the metals industry offering a simpler way to source, transact, finance and manage your business.
- Moxion, which manufactures mobile energy storage technology and operates an all-electric equipment rental business providing clean, temporary-power-as-a-service to customers in industries such as construction, electrified transportation, events and entertainment, film production, and telecommunications. Moxion’s technology and vertically integrated business model offer the first viable alternative to fossil fuel-burning generators.
- Rugged Robotics, a robotics company with an autonomous vehicle that marks fully-coordinated A/E designs directly onto unfinished floors.
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