Exclusive: Construction management platform QwikSpec raises $300K in angel round
Cloud-based construction field inspection and asset management platform QwikSpec has raised $300,000 (Rs 2 crore) in angel funding, its founders told Techcircle. The amount was raised from a veteran tech angel investor, whose name the founders didn't disclose, and others.
The Bangalore-based startup will use the capital to scale up its product, apart from investing significantly in customer acquisition, Ajith Alexander, co-founder and managing director, QwikSpec, said.
QwikSpec is an end-to-end jobsite management platform for the real estate industry. It helps developers reduce complexities in the construction of large projects by automating monitoring and supervising processes.
Owned and operated by Xlsys Technologies Pvt Ltd, QwikSpec was founded by Alexander and Roby Kurien in January 2015. Alexander worked with Cisco Systems and Limitless LLC in the past while Kurien was associated with Motorola, Kyocera Wireless and Sirf Technologies.
The company initially offered solutions to automate the manual inspection process for oil rigs, but tweaked the product last year to cater to construction sites.
Following its venture into real estate, it clocked Rs 8 lakh in revenue in the first year and expects to achieve Rs 52 lakh by the end of this financial year. QwikSpec handled 11 projects last year from one customer and expects to end the year with 111 projects across 14 clients. Its clientele includes Tata Housing, Mahindra Lifespaces, Brigade Group, Mantri Builders, Prestige Group and Ozone Group.
"95% of the workflow in construction happens at the site; only 5% is based in offices. However, existing software products largely cater to the 5% of process, or to people sitting in office spaces. We are addressing that 95% of the workflow," Alexander said.
QwikSpec also captures data from builders, contractors, project management companies and consultants to offer predictive analytics to builders on cascading project delays. "By the end of FY17, we will have 9 million construction site data points on our platform. The data accumulated from the projects we handle help us offer better value to customers," he added.
Aconex, An Australia-based online document management, web collaboration and project management software for construction, engineering and facility management, is the company's main competitor in India.