“Over time” and “over budget” are two phrases well known to anyone working in construction, so a couple of industry veterans have seized on these perennial pain points to create a high-tech solution they believe has global potential.
Antonia and David Speight are the entrepreneurs behind Acuite, a cloud-based web application that provides real-time visibility into the performance of construction projects.
It’s designed for those managing large-scale commercial jobs, helping them assess critical metrics as they are happening, such as time, cost, quality, health and safety, and relationships with subcontractors.
The Speights know first-hand about the risks involved in managing commercial construction projects, with David’s experience on the building contractor’s side and Antonia’s on the client side.
“If you look into industry statistics you’ll find about 75 per cent of projects go over budget and 90 per cent are delayed,” Antonia said.
David said current solutions did not allow users to access information with the kind of timelines needed in the fast-moving environment.
Early last year the couple decided to test their idea, joining business growth centre The Icehouse’s business incubation and market validation programme.
The process gave them confidence there was a market for their concept and in October last year they came up with a visual concept for Acuite.
They presented it to three major construction companies, convincing them to come on board as trial customers and have since been developing the software with those industry partners.
The pair have been working full time on Acuite since October.
The company also recently gained $500,000 of seed investment from the Auckland early stage investment group the Ice Angels and the national female investor-led group the ArcAngels, allowing them to grow their team and push ahead the development of the product, which is due for official launch this year.