Nemetschek Group announces its investment in UK-based start-up SymTerra. This is a new communications platform for mobile devices aimed squarely at the construction industry.
The Nemetschek Group has just announced its investment in the UK-based start-up SymTerra. This is a new communications platform for mobile and desktop devices aimed squarely at the construction industry.
It is estimated that around 30 percent of construction costs are directly related to snagging and delays caused by poor on-site communication between the various contractors working on a project. SymTerra’s new communication platform hopes to solve this problem by allowing easy, instant, and intuitive communication between multiple interested parties.
Clients, contractors, and subcontractors can now document works with still images and video, cross reference activities and assets, and share this information instantly with other construction industry professionals.
Why SymTerra was created
SymTerra’s founders have worked in the construction industry construction themselves. They designed their new platform to tackle a problem area that they know from firsthand experience affects almost all construction sites: poor communication. SymTerra Co-Founder and CEO, John Ryan explains:
“We’ve lived the pain of the re-work issue due to poor information and communication on our projects. Unlike existing software where information is siloed, we allow site teams to communicate and share updates through flexible pricing and user permissions that reflect how work is actually delivered. Our users have helped refine SymTerra to be a tool that site teams want to use.”
According to Nemetschek’s CEO, Yves Padrines, poor communication in the construction industry is responsible for costs of around USD 280 billion globally. SymTerra’s innovative solution is aimed at significantly reducing these costs.
The product itself has similarities to messaging apps such as WhatsApp. But it is packed with features specific to the communications that take place within the construction Industry.
SymTerra in action
SymTerra was recently deployed on the Liverpool Street Station project in central London. The project for the platform extension and renovation of the London Liverpool Street Station involved installing a new crossing, platform widening, improved lighting, and upgrades to signals.
Using SymTerra allowed the MTREL (Mass Transit Railway Elizabeth Line) project team to do real-time reporting and obtain live updates from the site on over 500 planned activities throughout a critical 10-day project that took place over Easter 2022.
The investment in SymTerra is the first time the Nemetschek Group has bankrolled a UK-based startup. The investment is part of the Nemetschek Group’s long-term venture strategy of supporting digitization and efficiency in the construction industry and supporting young and innovative entrepreneurs.
Nemetschek’s investment strategy is intended to shape the future AEC/O (Architecture, Engineering, Construction, and Operations) market. The cash injection from Nemetschek and several other investors will enable SymTerra to grow its team, so that its platform becomes further accessible to the entire construction industry supply chain.
Since its launch in March 2021, SymTerra has built a client portfolio that currently includes GBP 5 billion worth of construction and infrastructure projects. These clients include Balfour Beatty, Cambridge University, Kier, Thames Water, MTR, and Transport for London.
Investors in SymTerra’s seed funding include SamaiPata, Nemetschek, Pi Labs, and Accel. Following this seed investment, SymTerra hopes to grow its team to 25 people by the end of the year, tripling its current headcount. This should enable it to respond to increasing demand from its clients whilst enabling it to explore new business opportunities. More information…
Nemetschek is a global software provider for the AEC/O and media and entertainment (M&E) industries. Its various software applications cover the entire lifecycle of building and infrastructure projects. It currently owns 13 software brands, in four customer-oriented market segments. Its products are used by an estimated 6.5 million users worldwide.
Founded by Professor Georg Nemetschek in 1963, Nemetschek Group currently employs around 3,400 people around the world. Publicly listed since 1999 and quoted on the MDAX (Mid Cap German Stock Index) and TecDAX (Technology Company German Stock Index), Nemetschek Group achieved revenue of EUR 681.5 million and an EBITDA (earnings before interest, tax, depreciation, and amortization) of EUR 222.0 million in 2021. More information…