Digital construction companies in 2023 - ones to watch

From new tech launches to huge funding rounds, last year was an exciting time in the digital construction space. Here’s who I think are ones to watch in 2023…

The digital construction industry continues to be a merry-go-round of innovations which promise change and new digital ways of working. Alongside the familiar working habits the industry has grown to know, 2023 looks to bring a whole host of tech with automation at the heart – allowing for more efficiency than ever before.

Not only is this year set to be an exciting one for companies in the space, but the growth being experienced by them brings an increase in recruitment. With this in mind and based on the conversations my team and I are having with digital construction professionals, I’ve put together five companies that I think will be interesting ones to watch this year:

DroneDeploy

With the drone industry expected to hit $8 billion by 2030, it’s no surprise to see many exciting startups appearing across the space. I think that DroneDeploy, a cloud-based drone mapping and analytics platform, is one of the most exciting. The company had a strong 2022 – from its acquisition of StructionSite to being named as the world’s #1 most innovative robotics company – an impressive achievement in a marketing rapidly becoming saturated with robotics.

2023 is already off to a good start with January’s product release including some of DroneDeploy’s ‘most powerful updates yet’. Alongside appealing to customers with its automated tools that increase efficiency and reduce costs, the company has been recognised as a ‘Great Place to Work’ by Forbes, San Francisco Business Times and Inc. Magazine – making it a solid choice for candidates looking to move this year. What’s not to like?

ALICE Technologies

Featured as a ‘minicorn’ (a start-up with a valuation of over £1 million) in this year’s Top Construction Tech Startups list published by Tracxn, ALICE Technologies is said to be a high-growth early-stage venture prepping for rapid scale-up. Its construction simulation software which explores ways of building projects before breaking ground is highly rated by customers and employees alike.

In June last year, the company brought its total funding amount to $48.5 million after announcing a further $30 million in Series B funding, and it also won the One to Watch category at 2022’s Construction Computing Awards for the second year running! With all this in mind, I think it deserves a spot on my ‘ones to watch’ list too.

nPlan

Also listed in Tracxn’s Top Construction Tech Startups, nPlan has been receiving plenty of praise for its use of AI to identify areas where performance improvements will lead to considerable savings in both time and money – the holy grail in the construction industry! The company recently secured work on an $11 billion UK railroad programme, where it is set to provide better risk management to the Transpennine Route Upgrade through the use of its software.

Whenever we talk to candidates, they always tell us how much they want to work with the cutting-edge technology in the market, so nPlan definitely have an appealing proposition that’s got a lot of people in the market talking. And while the talent market is currently more risk averse, candidates can hopefully take solace in the business being backed by Google’s own venture arm.

Kojo

With a $39 million C funding round led by Battery Ventures, 2022 was an exciting year for?Kojo following a rebrand from its former identity, Agora Systems. As a leading provider of procurement management software for construction, the company integrated with some big names in the space last year, including some heavy hitters like Procore and Autodesk.

Kojo ended the year on a high with further expansion of its product suite and was awarded SaaS Product for the Construction Industry by the SaaS Awards. When company reviews mention a “solid product”, “brilliant leadership”, and “great benefits”, Kojo looks likely to stand out to candidates as it continues to grow and is one we’re hearing mentioned regularly.

Toric

Last but certainly not least… Named in Construction Executive’s Top Construction Technology Firms of 2022, I think Toric will be another one to watch this year as its no-code data automation removes barriers to data that IT teams would otherwise perform manually, making access to data instant.

The data-platform provider has been busy in terms of partnerships – again including Autodesk and Procore – setting the company on an exciting trajectory for 2023. Earlier last year, Toric also announced multiple funding rounds which allowed it to execute a go-to-market strategy whilst increasing the number of data integrations and platform features.

Who do you think are the most exciting companies in the digital construction space right now? I'd love to hear your thoughts! Contact me on joe.coleman@fmctalent.com or +44 (0) 1522 812 449.