The Nemetschek Group, one of the leading software providers for the AEC/O and media & entertainment industries, announced to have invested in the UK-based start-up SymTerra, a construction site communications platform. The investment underlines the Nemetschek Group venture strategy of driving digitalization and efficiency in the construction industry.
Over 30% of construction costs are directly related to re-work and delays, because of miscommunication on site. SymTerra’s communication platform allows easy, instant, and intuitive communication across multiple contractors to the same project. Clients, contractors and subcontractors can now document works via images and video, cross reference assets and activities, and share information instantly with who they need to.
As the founders come from construction themselves, SymTerra is set to resolve a unified pain-point across all construction sites: poor communication. “We’ve lived the pain of the re-work issue due to poor information and communication on our projects. Unlike existing software where information is siloed, we allow site teams to communicate and share updates through flexible pricing and user permissions that reflect how work is actually delivered. Our users have helped refine SymTerra to be a tool that site teams want to use”, explains John Ryan, SymTerra Co-Founder and CEO.
“Miscommunication in construction generates spendings of 280 billion USD globally. SymTerra´s innovative solution is aimed at avoiding those unnecessary costs”, says Yves Padrines, CEO of the Nemetschek Group. “We are excited to be working more closely with the inspiring team. Our global reach can support SymTerra bringing their solution to a large number of customers, making the industry more efficient and productive.”
Tanja Kufner, Head of Startups & Venture Investments at the Nemetschek Group adds that “investing in SymTerra perfectly aligns with our strategy of driving innovation and digitalization throughout the entire value chain of construction.” The cash infusion from several investors will enable SymTerra to significantly grow their team and expand upon their features so that the platform becomes further accessible to the whole supply chain.
The results speak for themselves: The use of SymTerra on the Liverpool Street Project allowed the project team at MTREL to achieve real-time reporting and obtain live updates from site on over 500 planned activities during a critical 10-day Easter blockade. The project for the platform extension and renovation of the London Liverpool Street Station involved installing a new crossing, platform widening, improved lighting and upgrades to signal renewals. “We were able to update the hour-by-hour program in real-time, identify any change to the critical path and effectively re-sequence works or re-allocate resources to ensure completion on time. The app allowed us to obtain comprehensive visibility over what was happening on site and enabled us to confidently report back to stakeholders on progress”, says Matthew Stimson, MTREL Project Manager.
The investment in SymTerra is the first for the Nemetschek Group in a UK-based startup and a continuation of the strategy of supporting young and innovative entrepreneurs to shape the future AEC/O market and drive innovation. See also our recent announcements regarding investments in the start-ups Imerso, Reconstruct, and Sablono.
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