First publishedon www.AggBusiness.com
Ventures, the venture capital unit of building materials company CEMEX, has invested an unspecified sum in construction tech start-up X3 Builders.
California-based X3 Builders is a vertically integrated general contractor that combines architectural design, material procurement, and construction services to provide clients with a one stop solution and a seamless transition from design to construction.
The start-up claims to be a completely new type of general contractor due to its 100% technological approach. It provides real-time pricing during the design process to reduce cost uncertainty and wasteful redesign efforts. It also standardises material selection and works directly with suppliers to procure materials, with the intention of eliminating submittals and lead-time delays.
Its in-house software helps to manage the process end-to-end, simplifying the complexities of construction and automating most of the construction administration and accounting process.
X3 Builders was founded just over a year ago, but the start-up says its employees boast vast experience in both the construction industry and the entrepreneurial world. The company started out by exploring payment automation processes, and it went on to further develop its solution to include the automation of the complete construction management process.
The company says that, by having more data readily available and controlling the pre-construction phase, it is possible to simplify many of the subsequent processes in the project’s life cycle and to reduce overall project costs.
X3 Builders defines its customers as typically being modern property owners and tenants with a technological spirit.
Gonzalo Galindo, CEO of CEMEX Ventures, said: “Our investment in X3 Builders is a tremendous boost for the digitization of the construction industry. It allows us to get to the very heart of the digital and technological world—which is the path that all construction companies will end up taking.
"We can also help this start-up to continue to expand and become more established in the different phases of a construction project’s life cycle, such as design and supply chain.”
Launched in 2017, CEMEX Ventures focuses on helping overcome the main challenges and capitalising on the opportunity areas in the construction ecosystem through sustainable solutions.