- Experienced management team with a strong track record: CEO previously developed and sold software company, CADsoft, to Applied Technology Group.
- Graduate of the Coplex Accelerator program, which was ranked as a top 7 accelerator in the USA by Entrepreneur Magazine.
- Customers include: Limbach, Elmsford, Air Systems, Silicon Valley Mechanical, and Caliber Development.
- The construction software market is forecasted to be $2.7B by 2023 (Market Research Future).
- Mentors include: Zach Ferres (Founder of Coplex), Mike Chadwick (Former Executive of GoDaddy), and Gregg Larson (Previous exit to CoreLogic).
- Total Amount Raised: US $40,000
- Total Round Size: US $650,000
- Seed :
- Minimum Investment: US $5,000 per investor
- : Convertible Note
- US $4,000,000 :
On average, large construction projects are delivered 80% over budget and 20% take longer to finish (averaging an extra 20 months) than scheduled. A major cause of this poor performance is construction labor productivity. ICT is providing the industry a solution for some of the workflows that can greatly improve project delivery performance and increase project profitability. We reduce the amount of time spent recording and reporting (i.e. administrative tasks) project progress and we provide real-time status visibility to project managers to enable them to optimize construction workflows.
Today, tracking construction progress is usually collected manually in a time-intensive, weekly process. We have developed one of the first mobile app solutions that utilizes Augmented Reality (AR) to digitize project status data collection on site and provide construction operations and project managers with quicker access to information. We enable these managers to take timely action to complete projects on-schedule and at-budget. By tracking productivity using ICT Tracker, we believe a contractor could potentially double to triple project profits.
We believe most competitors’ solutions track either productivity or progress and are both expensive and difficult to implement. ICT Tracker automates both progress and productivity tracking at a low cost and provides accurate project data, in real-time, that construction managers need.
ICT Tracker uses AR to superimpose the subsystem 3D model on the in-progress, built environment, allowing the foreman to record installation status of the components. For operations managers, this job site digital data is quickly communicated and integrated into their project management system -- providing an overall view of the construction project status and schedule.
Using lean startup principles, our MVP was created in 24 weeks and was market tested by gauging customer response. We conducted 4 experiments on actual projects to validate our MVP and followed up with 50 customer demos with our target MEP contractors. We iterated and introduced our first Full Release of ICT Tracker earlier this year. Our product roadmap for these customers includes a Windows tablet version. We intend to develop ICT Tracker for other specialty contractor segments, too.
Last year, we filed U.S. Provisional Patent Application No. 62/670,137, and this year we have filed a utility patent. We plan to file additional patents as we develop the technology. Our non-IP barriers to entry are (1) our ability to leverage the deep and extensive network of executive relationships in the target customers that our founders have, (2) our early integration with industry standard project management software packages, and (3) our founder's long relationship with Autodesk that afford us a lead position in their ecosystem of third-party providers.
We offer ICT Tracker as an annual subscription starting at $5,400 for 1-5 named users. ICT’s target customers are the larger Mechanical, Electrical, and Plumbing (MEP) contractors in the U.S. with over $53B in revenue and usually more than 25 foremen (“users”). Many have made software investments in their businesses. The Operations Manager specifically is our targeted buyer. Project status is critical for them and having daily visibility to that data, enables them to better manage the overall project schedule and budget. We are also targeting large General Contractors (GCs). The broad scope of projects they manage includes dozens of subcontractors. They are customers with volume subscription potential and a longer sales cycle than MEP (45-60 days) contractors. The large GCs are the early adopters of software tools and have great economic incentives to adopt our solution. Our goal is to have GCs require the use of ICT Tracker by their subcontractors. We plan to leverage the co-founders’ extensive industry network in both target markets initially to create opportunities for our sales team while we build a repeatable sales process.
We currently have 6 paying customers using ICT Tracker on projects, with 10 set to start. Some projects in our pipeline include the Tucson Convention Center Hotel expansion, an Epcot Center office building, a municipal airport in Florida, and a pilot project with a large GC at Arizona State University. ICT is an authorized Autodesk Forge and BIM360 Integration Partner. We are also actively working on integrations with other key software providers (Procore and CMIC) to sell through their reseller channels.
Tim is an entrepreneur passionate about technology in building. After he sold his business, he reached out to his previous customer, David, and asked “what keeps you up at night?” David shared with Tim that he had been struggling for years to track job-site performance and productivity. Without this ability he struggled to make deadlines and come on budget. Tim approached Coplex, a startup accelerator company in Phoenix, with the concept and in a few months had developed their MVP. Tim kept David appraised of their progress and he was so excited about the solution and business opportunity that he joined as a co-founder. They iterated and introduced the first Full Release of ICT Tracker earlier this year.
Tim and David are assembling a team of construction industry and SaaS experienced sales and marketing staff, committed to the launch and success of Innovative Construction Technology solutions.
Investors investing $50,000 or more will benefit from quarterly investors call.
Investors investing $200,000 or more will have individual investor call with CEO
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
Frequently Asked Questions
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by Innovative Construction Technology. Once Innovative Construction Technology accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to Innovative Construction Technology in exchange for your securities. At that point, you will be a proud owner in Innovative Construction Technology.
Preferred equity is usually issued to outside investors and carries rights and conditions that are different from that of common stock. For example, preferred equity may include rights that prevent or minimize the effects of dilution or grants special privileges in situations when the company is sold.
A convertible note is a unique form of debt that converts into equity, usually in conjunction with a future financing round. The investor effectively loans money to a startup with the expectation that they will receive equity in the company in the future at a discounted price per share when the company raises its next round of financing.
To learn more about startup investment types check out “How to Choose a Startup Investment” in our academy.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
Because Innovative Construction Technology is offering its securities under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
Until a closing occurs, you may cancel your investment at any time, for any reason. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your portfolio page by clicking your profile icon in the top right corner.
Currently there is no market or liquidity for these securities. Right now Innovative Construction Technology does not plan to list these securities on a national exchange or another secondary market. At some point Innovative Construction Technology may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when Innovative Construction Technology either lists their securities on an exchange, is acquired, or goes bankrupt.
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This is Innovative Construction Technology's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity.
This investment is highly speculative and should not be made by anyone who cannot afford to risk the entire investment amount. In addition to these risks, you should carefully consider the specific information and risks disclosed in Innovative Construction Technology’s profile.