Suffolk Technologies BOOST 4 Cohort Selected to Address Industry Challenges
Suffolk Technologies, the venture investment affiliate of Suffolk Construction, is excited to announce the seven startups selected to participate in its fourth annual BOOST program. BOOST is an intense six-week business accelerator that ignites growth and equips pioneering built environment startups with the right tools and connections to transform the industry. A team of mentors comprised of Suffolk leaders and strategic partners who work along the industry value chain will guide each startup during the program, offering exposure to potential customers, pilot opportunities, and investors.
This announcement comes just two months after Suffolk Technologies announced the close of its $110 million inaugural fund. The 18 past participants have gone on to raise more than $375 million and many received follow-on investment from Suffolk Technologies. BOOST participants are three times more likely to receive follow-on investment from Suffolk Technologies than at other U.S. based accelerator programs that offer follow-on funding, according to data from the 2022 GAN report which represents 25 U.S. accelerator programs. Many of the participants have piloted their technology on Suffolk jobsites across the country. Several of this year's participants are already in the early stages of pursuing pilot projects with Suffolk.
"Our largest applicant pool on record validates BOOST as a one-of-a-kind built world technology program, where industry expertise and collaboration meet technological curiosity and innovation," said Parker Mundt, Vice President of Platform, Suffolk Technologies. "Between the extremely talented, driven founders and our industry-leading partners, the BOOST program is positioned to influence and deliver transformational advances to the AEC industry."
The BOOST program has grown significantly, receiving over 580 applications in its four years. BOOST received 208 applications this year, an increase of nearly 150% from the program's inception in 2020 when it received 85 applications. Applicants came from 27 countries and represent a wide variety of domains, with a strong showing across six key themes including artificial intelligence for risk mitigation, supply chain visibility and efficiency, sustainability compliance and reporting, field-focused data and digitization, design optimization, and improving workforce productivity. From this highly competitive pool of applicants, the following seven finalists were chosen to participate in the program:
Agorus: a streamlined custom home building process powered by software and robotics.
Emidat: a climate intelligence platform for construction that provides AI-powered generation and distribution of environmental product declarations (EPDs) for building material manufacturers.
Exodigo: a revolutionary non-intrusive subsurface imaging platform providing a digital geolocated 3D map of buried assets.
Hammr: an all-in-one platform for construction companies to manage their back office.
KayaPay: a next generation AI powered Operating System for construction procurement with embedded financing.
Sitelink: an AR-powered collaboration platform allowing project teams to share information and communicate with 3D visual context.
Trunk Tools: a platform that addresses the widespread skilled labor shortage in construction by aligning incentives.
These startups were chosen through a thorough application, interview, and vetting process led by Suffolk Technologies and supported by the program's 22 operating partners, spanning different disciplines in construction and real estate. The BOOST 4 cohort companies demonstrated strong teams to solve their chosen problems, are pursuing significant market opportunities, and articulated clear goals to achieve during the BOOST program.
"The construction industry has reached an inflection point that requires contractors to innovate and become more efficient and productive than ever. Suffolk is proud to be a pioneer leading the effort to redefine the built world," said John Fish, Chairman and CEO of Suffolk. "Suffolk Technologies' BOOST program provides an unparalleled experience to the brightest entrepreneurs and industry minds committed to addressing the most significant challenges facing our industry today. We look forward to continuing to support these technology companies throughout their BOOST journey and beyond as they set out to change the industry and make a lasting positive impact on the built environment."
Throughout the six weeks of the program, startups will gain access to Suffolk jobsites and exposure to project teams and operating partners. The program will primarily run virtually, culminating with two-days in Boston that will include jobsite visits, networking events, and a Demo Day that will attract over 200 industry leaders from across the country.
"The AEC industry is perfect for programs like BOOST that combine differing perspectives across multiple stakeholders in the industry to drive deep-rooted value and productivity into our workforce," said Robert Otani, Senior Principal and Chief Technology Officer at Thornton Tomasetti.
BOOST 4 programming is set to begin on September 25th, 2023 (the application process is closed for 2023). Demo Day is scheduled for November 9th, 2023.
About Suffolk Technologies
Suffolk Technologies is the venture capital investment arm of innovative construction enterprise Suffolk. Suffolk Technologies invests in early and growth-stage startups transforming the built world across real estate and development, architecture, engineering and construction, property management, and smart cities. Leveraging Suffolk's expertise and partner networks, Suffolk Technologies partners with visionary founders to accelerate industry-wide adoption of breakthrough innovations ranging from pre-product to scaled go-to-market. Suffolk Technologies is ranked by AGC as the "#1 Most Active Construction Tech Investor" from 2018-2022. For more information about Suffolk Technologies strategy and investments, visit Suffolk-Tech.com.
Suffolk is a national enterprise that builds, innovates and invests. Suffolk is an end-to-end business that provides value throughout the entire project lifecycle by leveraging its core construction management services with vertical service lines that include real estate capital investment, design, self-perform construction services, technology start-up investment (Suffolk Technologies) and innovation research/development.
Suffolk - America's Contractor - is a national company with more than $5.0 billion in annual revenue, 2,600 employees, and main offices in Boston (headquarters), New York City, Miami, West Palm Beach, Tampa, Estero, Dallas, Los Angeles, San Francisco, and San Diego. Suffolk manages some of the most complex, sophisticated projects in the country, serving clients in every major industry sector, including healthcare, life sciences, education, gaming, transportation/aviation, government, mission critical and commercial. Suffolk is privately held and is led by founder, chairman and CEO John Fish. Suffolk is ranked #8 on ENR's list of "Top CM-at-Risk Contractors." For more information, visit www.suffolk.com and follow Suffolk on Facebook, Twitter, LinkedIn, YouTube, and Instagram.
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