Ediphi – an advanced cloud-based estimating solution on the market – recently announced it has secured $6.5 million in seed funding. The funding was provided by Suffolk Technologies, a venture capital platform investing in the next generation of companies solving built environment challenges.
Suffolk Technologies is the venture capital affiliate of Suffolk, which is one of the nation’s largest and most innovative builders and Ediphi’s first customer. This funding round will be used to develop the platform further, scale the business, and recruit additional staff. And the company is the only truly cloud-based platform that excels at conceptual and detailed cost estimating, with procurement centralized in a single location.
Moving from project concept to target value design in preconstruction can be expensive and time-consuming. And construction estimators are increasingly asked to get involved at the conceptual stage when design details are still being formed. This early engagement requires multiple design revisions and cost-estimating exercises that are inefficient and fail to leverage the institutional knowledge built up from previous projects and across team members.
Through Ediphi, contractors can begin preconstruction by pricing a napkin sketch. This platform enables for early collaboration between design teams and contractors to price evolving designs, propose value engineering options, and transition to detailed cost estimates from quantity take-offs. Plus it allows estimators to compare cost models with past projects, price the entire project’s general conditions and general requirements, level bids against budgets, award subcontractors, and execute contracts — all within a single cloud-based platform. In sum, Ediphi allows construction estimators to:
– Centralize cost estimate data in the cloud
– Drive conceptual and detailed cost estimates
– Connect preconstruction workflows in a single location
– Accelerate preconstruction and win more profitable work
This tool is already garnering positive feedback and attracting big-name clients.
Before co-founding Ediphi, CEO Dustin DeVan spent six formative years as a general contractor. And that experience deepened his passion for the construction industry and ignited his ambition to improve preconstruction.
Following this calling, he founded BuildingConnected (a preconstruction platform that was eventually acquired by Autodesk for $275 million). And DeVan is joined by CTO Michael Navarro, a 20-year veteran of preconstruction and operations, and the chief architect behind the Ediphi platform.
KEY QUOTES:
“After looking at the market, we realized there were no cloud-based solutions capable of handling both conceptual and detailed cost estimating. It was clear there was a need for a tool that could make collaboration easier among stakeholders in the early phases of construction projects. Ediphi is going to transform estimating from a one-time event to an ongoing, knowledge-rich and collaborative process.”
- Ediphi CEO Dustin DeVan
“I recently did a study comparing our estimating team’s performances from pre-Ediphi to now. We increased revenue per estimator by $20 million and the return on investment was 1,900 percent. I’ve never seen anything like that. This is the tool our estimators have been waiting for.”
- Scott Menard, National Director of Preconstruction at Suffolk
