Tech-enabled BuildNext raises $3.5 million in funding led by Pidilite
BuildNext, a Kochi based tech-enabled home builder, has raised $3.5 million in a ‘pre-series A’ funding led by Pidilite Industries’ wholly-owned subsidiary – Madhumala Ventures. BuildNext has secured funding from Konglo Ventures, Vineet Kumar (CEO, Native), and Deep Gupta (FatEngine), among others.
The company will use the capital from the latest round of funding to further expand its R&D capabilities and upgrade its virtual reality technology experience centres and expand into new markets of Bengaluru, Chennai, and Coimbatore while strengthening its foothold in existing markets.
Aim of the company
“We are excited to have Pidilite as one of our key investors. Our aim is to use our custom technology platform to drive transparency and overcome inefficiencies in the entire process of constructing and designing a house. We have made significant progress in research about designing and building better homes. We have developed objective parameters to decide how good a home design is, and these are put to test every day for continuous improvement”, said Gopi Krishnan, co-founder and CEO, BuildNext.
Merging construction with technology
BuildNext’s IT-enabled construction and interior services leverage a breadth of in-house tools and technologies for visualization, estimation, product selection, procurement, budget control, and project tracking. It runs an inventory-less, virtual reality-enabled chain of experience centres across Kerala and Telangana, helping customers visualize what they are going to build and eliminate inefficiencies.
The company has built its own project management application available for customers to track the construction from anywhere in the world via a mobile app. The customers get daily summaries of activities at their work site.
BuildNext identifies its target market as 1-5 floor single or multi-family residential projects starting at 1500 sq. ft in area per home, offering premium building experience to customers’ right from design to handover, including complete customization, VR walkthroughs, and ergonomic and aesthetic designs for day-to-day activities.
While there are a lot of advantages technology and data have brought about in every other industry, construction of homes is still technologically uncoordinated, employing inefficient-process-based and anecdotal evidence, especially in the low-rise segment. This leads to cost and time escalations and quality concerns for customers. BuildNext believes they can build better homes by merging data and technology.
Published on
July 08, 2022
