The Nemetschek Group, a globally leading software provider for the AEC/O industry, announced the initial investment in the Irish startup LiveCosts in form of an initial funding. This is a strong continuation of the Nemetschek Group’s strategy to support young and innovative entrepreneurs within the construction industry.
LiveCosts have simplified cost control with an easy to use software that connects the office to field. Their goal is to make simple construction technology available for all companies, no matter the size. The team offers a Software-as-a-Service product that seamlessly connects to a company's accounting system while offering simple, smart and sophisticated dashboards that power profitable projects.
The founders worked in the construction industry themselves and know about the difficulties when it comes to managing different stakeholders and technologies. “We basically tell contractors if they are making money or not”, summarizes Ciaran Brennan, CEO and one of the co-founders of LiveCosts the benefits of the software. “Excel and spreadsheets are still important tools but in a world of machine learning, digital tools, process automation and system integration, they are no longer an efficient and effective method to manage a company’s project finances”, he adds.
Customers of LiveCosts confirm a massive efficiency gain. “Our accounts person saves 1 day a week in admin work using LiveCosts," says Jackie Dunne from Ashgrove Ireland. Ciaran Devlin from Inline Construction adds that “we’ve expanded in two years what other businesses would have expanded in ten. If you’re serious about growing your business, you need something like LiveCosts.”
LiveCosts was launched in 2020 after two extensive years of research – and was meant to solve the team’s own issues during a construction project. Today LiveCosts already manages more than 5,000 projects worldwide.
“With the support of the Nemetschek Group and our initial funding, LiveCosts can tap into new markets and broaden their portfolio. We are excited to be part of this journey and enabling construction teams of all sizes to gain better project insights”, explains Tanja Kufner, Head of Startup & Venture Investments at the Nemetschek Group.
“We see synergistic potential between the offer of LiveCosts and our brands of the Build & Construct Division and we are really excited to work with the team”, says Matt Wheelis, SVP Strategy of the Build & Construct Division who will join LiveCost as Board Advisor. “We look forward to connecting LiveCosts’ budget control solution with customers of Bluebeam and NEVARIS to bring added value especially for the smaller firms where we see rapid first-time digitalization”, he adds.
LiveCosts will be present at the Digital Construction Weekv on the Nemetschek Group booth in London on May 17 2023.
To view the original press release, please click here.
