Nemetschek Group, a software provider for the AEC/O and media industries, has made an investment in Briq, a US-based data-driven, collaborative financial automation platform for the construction sector.
According to Nemetschek, the commitment will further expand its venture strategy of promoting efficiency and innovation in the industry.
Nemetschek Group strategy, build and construct division senior vice president Matt Wheelis said: “The inherent inefficiencies and project-based financial risks in construction are challenging to identify in real-time.
“Briq provides a leading solution to address those weaknesses, using AI to connect the dots between the field and the back-office for project financials. Their open, system-agnostic approach is a perfect fit with our principles, and we are excited about our partnership to revolutionise construction financials.”
Established in 2017, Briq aims to offer a financial operating system for construction companies, supporting them with comprehensive financial capabilities.
The financial automation platform will help construction firms manage workflows, data, cash flow, and projects along with enhancing processes, accuracy, and business operations.
Briq allows companies to do backward looking reporting, forward looking forecasting, and automated spending including invoice management, credit card bill management, expense reimbursement and automated billing.
The platform also facilitates firms to gain insights from historical data, improving their decision-making processes and allowing them to plan and strategise for the future.
Besides, Briq intends to transform construction finance by eliminating manual tasks and reducing human errors.
Furthermore, the automation platform easily integrates with construction systems including Sage 100, 300, Xero, QuickBooks, Vista, and others.
Briq CEO and co-founder Bassem Hamdy said: “We are very happy to be working closely with the Nemetschek Group. They have a comprehensive view on the construction lifecycle in our industry.
“Their expertise will help us to accelerate our platform and provide access to an even broader target group.”
