Briq Raises $8M Extension at $150M Valuation for AI-Powered Financial Automation in Construction

Brie company, co-founded by Bassem Hamdy and Ron Goldshmidt in 2018, aims to automate financial workflows like accounts payable and payroll for construction companies.

With nearly 400 customers, Briq reported a 40% increase in annual recurring revenue in 2023 and reduced its workforce by 45% to 138 employees as part of cost-cutting measures. Its products, Briq AutoPilot and Briq CoPilot, employ over 200 generative automation bots for tasks in financial processes and forecasting. This technology has led to significant overhead cost reduction and margin improvement for its clients.

Briq’s expansion plans include targeting markets beyond North America, specifically in the Middle East, Asia, and non-English speaking parts of Europe. The company also anticipates incorporating conversational AI for financial transactions in 2024, further innovating in the construction tech sector and competing with established players like UiPath and Automation Anywhere.