Founded in 2018, Briq, which has developed a platform to help construction companies automate financial processes like payroll, has raised US$8m (£6.2m) in an extension round at a US$150m (£118m) valuation.
The company began to raise funds in the summer of 2021 and secured US$30m (£26.3m) in a series B financing round, TechCrunch has reported.
Briq then decided to wait and see if it could raise a smaller cash amount with a reduced rate of dilution that could be delivered as a flat valuation instead of moving onto a Series C round, the company told TechCrunch.
Read more: Robotics firm and Porsche Consulting partner on automating construction
Tiger Global, which led the initial series B round, also contributed to the recent funding extension.
Some its customers, which reportedly total nearly 400, include Bayley Construction and Accel Air Systems. The latter claimed to have reduced its AP processing time by more than 90% through use of Briq’s artificial intelligence.
