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Brief of diving:
- New York City, based Turner Construction has set Turner VenturesA new venture capital arm that will invest in solutions for the AEC industry, announced the builder on Monday. There is no budget fixed for the financing arm and will be based on the opportunities identified and the needs that occur for this investment, the company said.
- Turner, the Greater country construction company By revenue, it will focus on first stage startups that focus on artificial intelligence, digitization and decarbonization, according to a news statement on March 17 shared with Construction Dive.
- Through incubation and investment, Turner will offer access to startups in the world construction industry, tutorials and jobs to pilot new technologies, according to the statement.
Divide vision:
Turner is not the only builder with an internal investment arm: Suffolk, based in Boston, for example, manages Suffolk Technologies and Redwood City, California -based RDP construction is the owner of WND Ventures. Webcor based on San Francisco Webcor Ventures was established in November invest in emerging construction solutions.
Turner, through his program, will focus on two different areas. The first, Climatetech, includes innovations that reduce carbon emissions, improve energy efficiency and develop sustainable materials. The second, Proptech, will contain tools that digitalize work flows, eliminate inefficiencies and improve collaboration, according to the statement.
“Our industry is evolving at an unprecedented rate and this change forces us to invest in solutions that foster a more sustainable future,” said Jim Barrett, Turner’s innovation director.
The companies in which Turner invests will have access to the construction of the construction firm, which covers more than $ 20 billion in annual construction projects and a global network of customers, suppliers and partners, according to the launch.
Startups in various stages of growth can take advantage of three different support routes through the program, according to the statement:
- Lighting: Turner provides guidance of tutoring and industry to startups that perfect their solutions.
- Incubar: The startups collaborate directly with Turner to pilot, try and validate their innovations in real projects.
- Invest: Turner makes strategic capital investments in high potential startups, accelerating their growth.
Barrett said that Turner is already working with customers, designers and suppliers in the green cement space.
“We are seeking to invest and expand the use of sustainable products to continue Turner’s goal of reducing carbon emissions in our projects,” Barrett said in an email to the construction of construction.
After a year down in 2023, Financing content stabilized by 2024 After a marginal gain of 2% on $ 3 billion expenses by $ 2023 to $ 3.1 billion by 2024, according to Cemex Ventures, the Risk Capital Arm focused on the content of Monterrey, the firm of building materials based in Mexico, CEMEX.
However, investors were much more active, he pointed out the report, completing 325 offers by 2024, compared to 236 offers by 2023. The IA, in particular Builders run to adopt and integrate technology to maintain a competitive advantage.
