Dublin, 14 December 2020 – DBIC Ventures, the venture arm of Dublin BIC, today announces details of a co-investment in AI-powered construction software company Evercam, representing the first investment by DBIC Ventures’ new seed and early stage fund which is backed by Enterprise Ireland and a number of leading Irish technology entrepreneurs and business leaders. The investment round totalled €600,000 and will support the creation of 50 new jobs and the company’s continued strong growth in international markets. It is the first investment by DBIC Ventures’ new fund which plans to back around 30 leading high growth early stage Irish tech companies over the next four years. Elkstone, Ireland’s leading multi-family office, is a co-investor in the round.
DBIC Ventures is targeting business to business software companies across a wide range of sectors including healthcare, fintech, transport, cybersecurity, and cleantech, as well as Class I and II medical device companies.
Founded by 15-year business partners Marco Herbst and Vinnie Quinn, Evercam enhances construction site productivity by improving project visibility with verifiable intelligence from high-resolution time-lapse cameras located on client sites. Evercam uses machine learning and artificial intelligence to help clients capture information from video time-lapses to ascertain real-time project status and site activity. The company currently has 50 employees in offices in Ireland, the UK, Australia, the US, Pakistan, Algeria, Poland, and Canada.
The investment will expedite the ongoing roll-out of Evercam’s construction analytics services, including its recently-launched Gate Report analytics service – designed to automatically identify all vehicles that enter and exit a construction site. Evercam’s Gate Report provides in-app and PDF reporting to enable more efficient construction site project management and support dispute resolution. Evercam helps clients reduce dispute-related costs by delivering a time-stamped log of all vehicles entering and exiting a construction site. Clients can also track the flow of materials to and from a construction site to control project costs and inform cost and budget projections.
Investment is being used to enable the company to expand its range of analytical services, add to its US sales team, establish operations in the Middle East and will result in Evercam doubling its global staff.
DBIC Ventures, as part of the Dublin BIC group, has access to a rich pipeline of high potential early phase businesses across Ireland and its fund aims to deliver strong financial returns for its investors, while also enabling increased economic output and skilled employment opportunities in the companies that it backs. The DBIC Ventures team have extensive experience investing in early stage companies in Ireland and the UK, and have backgrounds working in tech start-ups and MNC’s internationally across many of the Fund’s target sectors.
Richard Watson, Managing Partner DBIC Ventures said: “Evercam has a very deep understanding of the intricate challenges and needs of large-scale construction projects. They have developed a highly evolved software platform employing advanced data analytics, which deliver significant cost and time savings, as well as a range of other benefits to their construction clients. Construction has lagged many industries in terms of the adoption of digital technologies and Evercam is well positioned to become a leading tech solution provider in this space.
“We are delighted to have Evercam as the first company to showcase our new fund and look forward to working closely with the team to support their continued growth.”
Marco Herbst, CEO of Evercam said: “Having doubled revenue year-on-year, and coming off our strongest quarter to date, Evercam is enjoying strong growth that is set to continue. With this funding, we look forward to broadening our AI and ML capabilities, expanding our global team and continuing to help our clients work smarter, save money, and control costs.
“Construction sites are inherently high-risk areas, so when something goes wrong, the costs incurred can be significant – underlining the pronounced need for verifiable intelligence around construction site activity. With Gate Report, we are providing our growing client base with a much-needed degree of clarity, while helping them improve project efficiencies across the board.”
About DBIC Ventures
DBIC Ventures, the venture arm of Dublin BIC, launched its new fund in late 2019 with the backing of Enterprise Ireland together with a number of leading Irish technology entrepreneurs and business leaders. The fund is in active investment mode and is mainly targeting B2B software companies
across a wide range of verticals including healthcare, fintech, transport, cybersecurity and cleantech, as well as Class I & II medical device companies. Over the next four years, the fund will invest in highly scalable, early-stage tech companies in Ireland that are positioned to become the next generation of Ireland’s leading technology companies. The fund has the ability to invest up to €2.5m in a company through multiple investment rounds and seeks to actively co-invest with other investor groups in each round. The fund is expected to reach a final close of at least €30m.
About Dublin BIC
Dublin BIC is a public-private business support organisation focused on helping entrepreneurs to start and scale by providing a comprehensive range of programmes specifically designed to advance the ambitions of early-stage companies. It provides programmes across four core areas:
(i) Investor-Ready Preparation – 85% of Dublin BIC investor-ready start-ups receive funding
(ii) Access to Finance – 350 start-ups have received funding through Dublin BIC
(iii) Incubation Space – managing two of Ireland’s leading start-up and co-working hubs
(iv) Community & Collaboration –In knowledge-sharing, business opportunities and networking
Evercam is a provider of construction site camera software that is used for project management, marketing and dispute avoidance. By recording every minute of the construction progress project to the cloud, Evercam enables clients to stay in control of their projects from start to finish. http://evercam.io/about/
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