Story Of A Modular Construction Startup That Burned Through £10M in 15 Months - Chris Spiceley
What could go so wrong that a £10M modular construction startup collapsed in just 15 months?
In this episode, we had Chris Spiceley and we got to learn about his experience working at Modulous, a modular construction startup that went from raising £10M to liquidation in just 15 months.
Chris shares valuable insights on what went wrong, lessons learned, and advice for anyone building a construction tech startup.
Tune in to find out about:
✅ The challenges of delivering modular projects in the UK
✅ Key factors that contributed to Modulus' downfall
✅ The personal impact on employees when a startup fails
✅ Chris' thoughts on the future of industrialized construction
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This episode is brought to you by Shft—helping contractors like you leverage BIM to secure a leading position in the race towards construction’s digital future.
Visit: https://maketheshft.digital
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BuildVision is a procurement network for the $5T commercial construction market. We are transforming the commercial construction supply chain by bringing contractors, manufacturers, and project stakeholders onto a single software platform—revolutionizing how every component is sourced, purchased, and financed.
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Timestamps:
(00:00 - 02:50) - Intro To Our Sponsors & Guest
(02:50 - 07:59) - How Chris Made A Transition Into Tech
(07:59 - 21:54) - About Industrialized Construction and MMCs In UK
(21:54 - 28:41) - Chris's experience working at Modulous
(28:41 - 31:54) - Premature Decision Made By Modulous To Expand In US
(31:54 - 43:00) - Challenges That Comes With Pilot Projects
(43:00 - 58:21) - Economics Of The Idea That Modulous Had
(58:21 - 01:07:00) - Key Lessons Learnt By Chris
(01:07:00 - 01:16:09) - Understanding Chris's Perspective On Offsite Manufacturing
(01:16:09 - 01:16:50) - Outro
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Bricks & Bytes
BBBC 18/05 - Big Tech Investing Billions in Renewable Energy, Quality Content in Construction Tech & Data Centers As The New Frontier in Energy Consumption
Discover how AI is transforming data centers and renewable energy, and how these changes are reshaping the construction industry.
This episode with Bhragan dives deep into the cutting-edge technologies and trends that are driving the future of construction tech.
From discussing the importance of quality over quantity in content creation to debating the significance of follower numbers, this conversation is packed with insights.
Join us as we also explore the impact of AI on energy consumption in data centers, the vital role of construction in tech adoption, and the challenges of implementing new technologies.
Takeaways
The rapid increase in data centers and AI technology is driving a significant need for renewable energy sources and optimized energy use.
Construction is essential for the integration of new technologies. Startups are addressing infrastructure bottlenecks by hiring project managers and civil engineers.
Quality content creation in the construction industry is vital for raising awareness and promoting technology solutions.
Owning distribution channels and building an audience through media can significantly lower customer acquisition costs and establish trust and credibility.
Don’t miss out on this essential podcast episode!
Chapter
00:00 Introduction and Overview
06:12 Construction's Role in Technology Adoption
08:59 Challenges of Implementing New Technology in Construction
15:22 The Power of Content Creation in Construction
21:41 Debating Follower Numbers vs. Engaged Audience
27:27 The Potential of Owning Distribution Channels
29:18 Monetization Strategies for Construction Tech Content
34:52 Challenges of Code Compliance for Sustainable Materials
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Bricks & Bytes
Automating 90% of Contract Reviews : Building AI to Solve a $13 Trillion Industry's Contract Challenges
"We're making contracting safe for our industry across the entire project lifecycle." - Josh Levy, Co-founder & CEO of Document Crunch
In today's episode of Bricks & Bytes, we had Josh Levy & Trent Miskelly from Document Crunch. We learned about their journey in building a document intelligence platform for the construction industry, the five best practices for contract compliance, and how they're automating critical processes to reduce risk on construction projects.
Tune in to find out about:
✅ How Document Crunch is solving the $13 trillion industry's contract compliance challenges
✅ The evolution from document intelligence to workflow automation in construction
✅ Why understanding contracts is crucial for preventing claims and project overruns
✅ How Document Crunch is pricing their services based on "jobs to be done"
Listen to the full episode on Spotify to hear how Document Crunch is revolutionizing contract management in construction and helping companies achieve best practices across the project lifecycle.
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Chapters
04:41 Introduction and Background of Document Crunch
11:26 What is Document Crunch and the Problem it Solves
17:59 Customer Onboarding and ROI of Document Crunch
21:52 Pricing Model of Document Crunch
32:50 Evolution of Document Crunch's Product and Features
37:16 Automating Compliance with Generative AI
45:17 Becoming the Category Leader in Compliance Automation
50:53 Continuous Improvement with AI Advancements
52:49 Customers Pulling More Product Out of Document Crunch
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Bricks & Bytes
"From Seed to $10M Series A" - BuildVision's Procurement Platform & Growth Journey
"We make money when our customers make money"In today's episode of Bricks & Bytes, we had Mike Powers and Ben Lyddane from BuildVision who shared their journey of raising a $10M Series A led by Norwest Ventures.Their platform helps contractors procure mechanical and electrical equipment more efficiently, saving 20-30% on costs while creating new revenue streams for general contractors.Tune in to find out about:✅ How BuildVision grew from processing $700M to over $1B in equipment transactions✅ Their three-tiered pricing model that aligns with customer success✅ How AI costs for processing documents dropped from thousands to just $1.40 monthly✅ Why focusing on critical path items like chillers and generators (not commodity products) creates maximum value-----Chapters00:00 Intro00:05:35 Introduction and Series A Announcement00:08:25 Build Vision Overview and Product Development00:11:40 AI Integration in Procurement Solutions00:14:41 Revenue Models and Customer Success00:17:29 Growth and Future Projections00:20:43 Challenges in the Construction Industry00:23:35 Funding and Investor Relations00:26:40 Technological Challenges and Solutions00:29:28 Market Position and Competition00:40:07 Navigating Risk in Construction00:43:35 Building Strategic Partnerships00:46:29 Outcomes Over Products00:49:35 Challenges in the Buy-Sell Dynamic00:51:25 Impact of Tariffs on Construction00:55:30 Future of International Operations00:56:25 The State of Construction Tech01:06:21 Voice-Enabled Workflows and Future Prospects01:08:41 Acquisition Strategies and Market Positioning
Human Touch in Construction Sales, False Tech Solutions, and Large Company Lawsuits - Bricks, Bucks & Bytes
"Try to keep all your human touch points and automate them on the backend."
In today's episode of Bricks, Bucks and Bytes, we dive into the world of B2B marketplaces in construction. We explore why human touch points are crucial for success, especially in an industry built on trust and relationships.
We also discuss the recent lawsuit between Oracle and Procore, where Oracle accuses a former employee of stealing trade secrets related to payment management software.
Plus, we explored HomeBoost, a startup offering simplified energy assessments for homes using AI. But is it too good to be true?
Tune in to find out about:
✅ The pros and cons of AI-powered home energy assessments
✅ The potential impact of the Oracle vs. Procore lawsuit on the construction tech industry
✅ Why B2B marketplaces in construction need to maintain human interactions
✅ The increasing trend of investors suing portfolio companies in recent years
Ready to dive deeper? Listen to the full episode on Spotify and join the conversation!
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Sign up to the #1 Newsletter In Construction Tech. Join over 1,000 like-minded Founders, Investors and Techies disrupting the way we build. Forever : https://bricks-bytes.beehiiv.com/subscribe
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X/Twitter: https://twitter.com/bricksbytespod
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Bricks, Buck$ And Bytes
5 Things Founders Control During Fundraising That Most Don't Know About - Bricks, Bucks and Bytes
"VC is rocket fuel. Do not spend it on a Fiat 500. Only put very expensive rocket fuel if you're actually building a rocket."
In today's episode of Bricks, Bucks and Bytes, we got to learn about Speckle's recent Series A raise, showcasing the renewed liquidity in early-stage funding for 2024.
We also discovered that the construction tech sector saw impressive growth in seed stage funding sizes during Q3 2023, signaling a positive shift in the market.
Plus, we gained invaluable insights from Patrick Hellermann on what really makes VCs tick when it comes to investing in startups.
Tune in to find out about:
✅ The magic "100x potential" that VCs are looking for
✅ Why information asymmetry is your secret weapon between fundraising rounds
✅ How to leverage social validation to your advantage
✅ The power of building a rockstar team to secure funding
Listen to the full episode on Spotify and arm yourself with the knowledge to make your next pitch irresistible!
Sign up to the #1 Newsletter In Construction Tech. Join over 1,000 like-minded Founders, Investors and Techies disrupting the way we build. Forever : https://bricks-bytes.beehiiv.com/subscribe
LinkedIn: https://www.linkedin.com/company/bricks-bytes/
X/Twitter: https://twitter.com/bricksbytespod
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Bricks, Buck$ And Bytes
Speckle's $12.5M Funding - How Open Source Software Is Changing Construction Design
Speckle's $12.5M Series A: A Game-Changer for AEC Data Infrastructure
In today's episode of Bricks, Bucks and Bytes, we got to learn about Speckle's impressive $12.5 million Series A funding round, led by Addition, to build the first data hub for the AEC industry.
We also learned about Rexel's rejection of an unsolicited $8.5 billion takeover bid from QXO, signaling potential shifts in the building materials distribution landscape.
Additionally, we gained insights into Patrick Hellermann's framework for evaluating potential investors, emphasizing the importance of avoiding detrimental influences over perceived value-add.
Tune in to find out about:
✅ Speckle's open-source approach to AEC data infrastructure
✅ The potential impact of QXO's ambitious plans on the building materials distribution sector
✅ Key considerations for startups when evaluating corporate investors
✅ The importance of prioritizing non-interference and quality input from investors
Listen to the full episode on Spotify to dive deeper into these fascinating topics in construction tech and venture capital.
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Bricks, Buck$ And Bytes
Construction Tech Funding Hits $35 Billion: What's Next?
From AI-powered construction sales to billion-dollar air taxi gambles: Inside the high-stakes world of tech funding!
In today's episode of Bricks, Bucks and Bytes, we got to learn about Building Radar's impressive €6.5 million funding round from Socii Capital, powering their AI-driven sales automation software for the construction industry.
We also dove into Fundamentals' Q3 update on AEC Tech funding, revealing that total cumulative VC funding for construction tech has hit a whopping $35 billion - triple the 2019 level!
Plus, we had a heated discussion about Lilium, the German air taxi startup seeking a controversial bailout after burning through millions.
Tune in to find out about:
✅ How Building Radar is revolutionizing sales in construction
✅ The surprising increase in construction tech's share of overall VC funding
✅ Why some VCs are calling for government bailouts (and why it's raising eyebrows)
✅ The ethics of venture capital in high-risk, high-reward industries
Ready for a deep dive into the world of construction tech and VC drama? Hit play on Spotify and join the conversation!
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Company Mentioned:
Building Radar
Lilium
SpaceX
Tesla
WeWork
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Sign up to the #1 Newsletter In Construction Tech. Join over 1,000 like-minded Founders, Investors and Techies disrupting the way we build. Forever : https://bricks-bytes.beehiiv.com/subscribe