American Family Ventures has awarded IngeniousIO with $4M in funding. The company, based in Chicago, is setting its sights on revolutionizing the construction industry, and improving its workflow.
Currently, the construction industry is worth a striking $10 trillion, and the startup sees the area of opportunity on an industry that relies so heavily on effective collaboration.
The CEO, Nick Carter, claims that while investing on a concrete company, he realized how inefficient the systems in the construction industry were. After seeing multiple construction companies purchasing a number of applications to carry out different tasks, Carter decided to create a service that would solve all their needs under one place.
Fixing a fragmented construction industry seems to be a growing trend, with Funding in North American startups increasing by 318 percent in 2017.