Briq raises over $3 million to predict outcomes in the construction industry

With spending reaching over $1.231 trillion, the United States is the one of the largest construction market worldwide. The construction industry is faced with a number of challenges. The failure rates for construction projects are consistently high. Construction projects take 20 percent longer to finish than scheduled. Large projects are up to 80 percent over budget and 98 percent of mega projects suffer cost overruns of more than 30 percent. The construction industry also has great data wealth (a lot of unstructured data is created), but data in construction is poorly managed and rarely strategically leveraged. With these challenges come opportunities for tech startup companies. One startup that is aiming to tackle these problems is a Santa Barbara-based construction technology startup called Briq. Briq is a way to connect multiple  parties in the construction industry.