“From planning, control, resource management, quality analysis, and analytics: everything can be created from our platform.” Franco Giaquinto.
Franco Giaquinto -founder and CEO of Ipsum, was in the process of developing a mobile application that could assess the prestige of construction professionals when he discovered that there were many challenges in the industry.
At first, he created several software products that offered solutions to different areas; after combining them, he finally obtained an integral platform, with web and mobile versions, to manage both engineering and construction projects based on BIM and Lean Construction methodologies. Getting the construction companies to adopt the use of this type of technology has represented a huge challenge for Ipsum, as it implies a great cultural change in the way of working. However, more and more companies, mainly large, are open to doing so.
Even though they spent two years planning, learning and executing work plans, it was in 2016 when they developed the current version of the software, and during 2017 they grew to have 5 times their original size. In its third year of life, the platform is already being considered one of the 100 startups that are revolutionizing the construction industry globally, according to the specialized site CB insights.
The CEMEX Ventures experience
As the accelerated growth was occurring, the Ipsum team learned through a publication on social networks about the First Open Call of CEMEX Ventures.
The Chilean startup sent its proposal, which was selected to be presented to an Expert Committee in Madrid. It was during PitchDay when they made their presentation and were the winners of the event. For the open innovation entity and Corporate Venture Capital of CEMEX, it was attractive to invest in Ipsum since the startup offers solutions to several challenges in the construction industry, such as connecting all the actors involved in a construction project.
The multidisciplinary team of CEMEX Ventures carried out the analysis of the company from each area of business, to know its real situation and needs for its growth. After exchanging experiences and having work sessions for five months, an agreement between both parties was reached. Ipsum becomes CEMEX Ventures’ portfolio.
This partnership will allow Ipsum to achieve the exponential growth it has planned and –with the experience, knowledge, and relationships within the industry, the mentoring of the interdisciplinary team, and the global reach of CEMEX Ventures– will receive a boost to continue changing the face of the construction industry.