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§ Private Profile · Santa Barbara, CA, USA
AI-based financial automation platform for construction companies, streamlining financial workflows with generative automation bots.
Based in Santa Barbara, California, Briq is an AI-based financial automation platform that streamlines budgeting, forecasting, and spend management workflows for construction companies. The software-as-a-service company currently serves nearly 400 general and specialty contractors, managing approximately $30 billion in total construction volume across its systems. Its current customer base includes mid-market to enterprise construction firms such as ACME Constructors and Shamrock Electric. In January 2024, the company raised an $8 million funding extension at a $150 million valuation, bringing its total venture capital raised to $54 million with backing from Tiger Global Management, Eniac Ventures, and Blackhorn Ventures. Despite reducing its workforce headcount to 138 employees by the end of 2023, the business achieved a 40 percent year-over-year growth in annual recurring revenue. Briq was originally founded in 2018 by Bassem Hamdy and Ron Goldshmidt.
Briq has raised $51.0M across 4 funding rounds.
Briq has raised $51.0M in total across 4 funding rounds.
Briq has raised $51.0M across 4 funding rounds. Most recently, it raised $8.0M Series B in January 2024.
Briq is an AI-powered financial automation platform designed for construction companies, automating workflows across accounting, operations, risk, legal, and HR to boost efficiency and profitability.[1][3][4] It serves general and specialty contractors in North America, with nearly 400 customers like Choate Construction and Elder Construction, solving fragmented financial processes by integrating people, systems, and data via over 200 generative automation bots that have handled over a million tasks.[1][2] Briq reported 40% ARR growth in 2023, operates with 138-227 employees after a 45% headcount reduction, and raised an $8M extension at $150M valuation in 2024, building on its 2021 funding.[1][2]
The platform acts as a "playbook" atop existing tools, using technologies like robotic process automation, generative AI, computer vision, and predictive modeling to unify data via the Briq Graph ontology, enabling better budgeting, forecasting, and decision-making while reducing overhead and errors.[1][3]
Briq was founded in 2018 in Santa Barbara, California, by Areito Hamdy, a former Procore executive with construction industry experience, and Ron Goldshmidt, a Wall Street veteran.[1][2] The idea emerged from Hamdy's firsthand observation of construction's financial pain points—manual invoices, spreadsheets, fragmented forecasting, and inefficient workflows—that existing solutions failed to address adequately.[1][6] Early traction came from digitizing client workflows on a flexible "blank canvas" platform, with customers like DSI automating over 10,000 invoices weekly and Elder Construction calling it "magic" for time and cost savings.[6] Pivotal moments include incorporating AI bots pre-mainstream hype and achieving nearly 400 customers by 2024.[1]
Briq rides the wave of AI-driven construction tech (BuiltWorlds) and generative automation, addressing a $10T+ industry's outdated manual finance processes amid labor shortages and rising costs.[1][2][3] Timing aligns with AI maturation—pre-mainstream adoption gave it an edge—fueled by market forces like digital transformation demands, supply chain disruptions, and Industry 4.0 integration (IoT, machine learning).[2] It influences the ecosystem by enabling contractors to scale profitably, reducing errors in high-stakes projects, and paving expansion into emerging markets like Middle East/Asia, where construction booms outpace English markets.[1]
Briq's momentum—40% ARR growth post-cost optimization—positions it to dominate construction finance automation as AI bots evolve into full BOAT orchestration.[1][3] Next steps include geographic expansion beyond North America into high-growth non-English markets and enhancing Vision Engine/Graph for deeper integrations.[1] Trends like large action models and process mining will amplify its edge over general RPA players, potentially evolving Briq into the indispensable "playbook" for global contractors, sustaining $150M+ valuation through scaled profitability.[1][3] This cements its role as the ship cutting through construction's financial storms, as founders envisioned.[6]
Briq has raised $51.0M in total across 4 funding rounds.
Briq's investors include ENIAC Ventures, Blackhorn Ventures, Alumni Ventures, Bam Ventures, Darling Ventures, Energy Capital Ventures, EVE Atlas, Far Out Ventures, Fika Ventures, F-Prime Capital Partners, Homebrew, Jackson Square Ventures.