US-based Briq , a startup that uses AI to automate financial workflows in the construction industry, has raised USD 8 million in an extension round at a valuation of USD 150 million. The 8 million extension comes after the startup had last raised USD 30 million in a Series B financing led by Tiger Global Management in June 2021.

A smaller amount of investment instead of a Series C financing The Briq platform enables all departments of a construction company to automate financial workflows such as accounts payable and payroll. Despite the current market conditions, the company decided to raise a smaller amount with less dilution at a flat valuation instead of trying to raise a Series C. Tiger Global doubled down on its investment in Briq by contributing to the extension, while Blackhorn and Eniac co-led the round.

Moreover, Briq saw an ARR growth of about 40% in 2023 compared to 2022, with over nearly 400 customers, including Choate Construction, Catamount Constructors, Fessler & Bowman, and Elder Construction. The company has also executed a cost-reduction strategy, leading to a 45% decrease in employees to 138 by the end of 2023 compared to 2022. Commenting on this, Briq's official said the platform sits on top of other solutions to run them better, like a playbook.

More about Briq Briq, a startup in the construction industry, is an AI-based financial automation platform that enables construction companies to be more efficient and profitable. The company has built its suite of services using a group of proprietary technologies and generative automation bots. In this market, Briq provides two products: Briq AutoPilot and Briq CoPilot.

The first one uses bots to automate up to 80% of business processes that are highly predictable, such as accounts payable, accounts receivable, and payroll processing. These bots can read documents, apply logic to their contents, and take actions based on predefined rules. The second one automates the creation and administration of financial forecasting processes, including job cost forecasting, revenue recognition, and revenue forecasting.

It also provides end-user coaching and risk detection to help contractors and project managers avoid cost overruns, missed change orders, and other financial risks that are introduced during a job. Currently, the company focuses on serving the general and specialty contracting market in North America, but, according to the executive board, Briq aims to expand into new geographies in the coming years such as the Middle East, Asia, and parts of the non-English emerging markets in Europe. .