AEC VC – Détails, épisodes et analyse

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AEC VC

Patric Hellermann

Business & Entrepreneuriat

Fréquence : 1 épisode/16j. Total Éps: 11

Thesis and reflections of a venture capital (VC) investor in AEC technology. What fascinated me last week. Always in 10 minutes. I invest in real-world technology in: Architecture, Engineering, Construction, Supply Chains, and Blue-collar workforce and robotics. No prop-tech here. Just AEC-VC.

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011 | The AEC-Tech Internet Index | September Edition

Épisode 11

vendredi 13 septembre 2024 • Durée 14:17

Here's the podcast episode description based on the provided transcript:

## About This Episode

In this episode, Patric Hellermann introduces the AEC Tech Internet Index, a powerful tool for analyzing adoption trends in the architecture, engineering, and construction technology sector. This innovative index uses web traffic data as a proxy to gauge the growth and market presence of AEC tech companies, offering insights beyond traditional venture capital metrics.

## In This Episode

Explanation of the AEC Tech Internet Index and its methodology

Analysis of rising companies and category trends in AEC tech in September 2024

Insights into adoption patterns for various AEC tech solutions

Discussion of the challenges in evaluating AEC tech companies using public data

Examination of specific company performances within different AEC tech categories

## Timestamps

(00:00) - Introduction

(00:05) - Overview of the AEC Tech Internet Index

(02:32) - Methodology and rationale behind the index

(04:59) - Analysis of current risers in AEC tech

(07:16) - Category trends and performance

(09:37) - Deep dive into specific AEC tech categories

(11:58) - Mindshare highlights and market dominance

(13:22) - Methodology details and data sources

## Resources or Companies Mentioned

AEC Tech Internet Index: https://www.foundamental.com/internet-index

SEMrush: https://www.semrush.com/

## Connect With Us

Spotify: https://open.spotify.com/show/3fvTj23GIMlAT6CCm4t1lT

Apple: https://podcasts.apple.com/de/podcast/aec-vc/id1740915855

Foundamental: https://www.foundamental.com/

Subscribe to the Newsletter: https://www.linkedin.com/newsletters/aec-vc-7186650851766083584/

Patric Hellermann: https://www.linkedin.com/in/aecvc/

Web: https://aecvc.com/

#AECTech #ConstructionTechnology #VentureCapital

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010 | Grit & Stubbornness Look Similar

Épisode 10

jeudi 15 août 2024 • Durée 07:59

As a VC, I often grapple with a crucial question: is this founder showing grit or stubbornness? In this article, I share my framework for evaluating persistence in AEC startups, emphasizing why learning and adaptability are key in our complex industry.

(01:15) Consistency vs. Adaptability

(02:26) Info Asymmetry Can Make It Hard To Diagnose

(04:00) Learning From Customer Truths

(05:00) … But AECS Makes Diagnosis Harder

(06:09) How To (Self-) Diagnose Grit or Stubbornness in Your AECS Venture

Last week, I met with five AEC founders. All were pushing hard, but I couldn't tell if they were showing grit or just being stubborn. This got me thinking.

Grit And Stubbornness Look Similar

Building in AEC is tough. Really tough. You need grit to succeed. But sometimes, that grit can look a lot like stubbornness.

Picture this: A founder, two years in, still pushing their original idea. Are they persistent or just stuck? From the outside, it's hard to tell.

In AEC, this is even trickier. Our industry is complex. Lots of moving parts. Lots of stakeholders. What looks like stubbornness might be necessary persistence in navigating this maze.

But here's the thing: As a VC, I need to tell the difference. My job is to back gritty founders, not stubborn ones.

So how do we do it? How do we know when to push and when to pivot?

I think it comes down to learning. Are you still learning from your customers? Are you adapting based on those learnings? If yes, that's grit. If not, you might be stuck.

In AEC, we have a unique challenge. Our industry has so many niches. So many potential pivot points. It's easy to justify "just one more try" in a slightly different market.

But here's a number that might shock you: 90% of startups fail. In AEC, I bet it's even higher. Why? Because we confuse grit with stubbornness.

001⎢1.5 years later: My insulation thesis

Épisode 1

vendredi 5 avril 2024 • Durée 08:40

Today, we revisit our very first topic on AEC_VC, cavity insulation in Europe, with a fresh perspective. After 18 months, our backtesting confirms: this insulation opportunity has an outstanding market potential and exceptional margins and cash flows. It has shown me that it can support the next AEC unicorn.

Flashback: The insulation opportunity
A $100 billion market
Exceptional margins and cash flows available
Highly standardizable and repeatable
The end game: Cloud installation as an infrastructure

All content >> https://aecvc.com/

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009 | Print Homes With Concrete | Who Gets It?

Épisode 9

vendredi 2 août 2024 • Durée 08:10

I'm skeptical about 3D concrete printing for homes. Despite major funding, I question its advantages over traditional methods and challenge founders to prove its value in residential construction.

(01:16) Spoken Plainly
(02:51) When Is Concrete Used?
(04:15) 3D Printing vs. Ready-Mix?
(05:15) So It's The Automation?
(06:22) Who Can Tell Me Why To Print Homes With Concrete?

‍

I've been puzzled lately. 3D concrete printing for homes keeps attracting major funding. But I can't wrap my head around why.

Let's break it down.

‍

The Trigger

Last week, I saw another $50M round for a 3D concrete printing startup. Their pitch? Revolutionizing home construction. My first thought: "Again?"

‍

The Numbers

Residential construction is massive. In the US alone, it's a $240B market. Globally? We're talking trillions.

But here's the kicker: a typical 1,500 sq ft home takes 50-100 man-days to build. That's a lot of labor costs.

‍

The Thesis (or lack thereof)

3D concrete printing promises automation. Fewer workers, faster builds. Sounds great, right?

But here's where I'm stuck:

1. Surface area: Homes aren't massive structures. Concrete shines in large-scale projects like bridges or high-rises.

2. Structural integrity: Single-family homes don't need the strength of reinforced concrete.

3. Efficiency: Ready-mix concrete, poured on-site, is already pretty darn efficient.

008 | The State of AECS-Tech (incl. Constru-Tech) in Q2 2024

Épisode 8

lundi 15 juillet 2024 • Durée 09:43

I just wrapped up my Q2 2024 analysis of AECS-Tech funding, and the numbers are too compelling not to share. This sector continues to defy expectations, showing remarkable resilience and growth in a challenging economic climate.

(01:03) Primer: What is the Scope of AECS-Tech

(02:16) AECS-Tech beyond $34B in VC Funding

(03:04) Quarterly Growth Remains since 2021

(04:13) AECS-Tech now at 0.53% of total VC (2x)

(05:24) Funding round sizes near All-Time Highs

(07:15) Healthy Distribution: Top 10 Deals = 34%

(08:35) No Change in Unicorns Last Quarter

Record-breaking funding

The headline? AECS-Tech has surpassed $34 billion in total VC funding. This isn't just a number - it's a testament to the sector's growing importance and the increasing recognition of its potential.

Consistent growth trajectory

What strikes me most is the consistency of this growth. While many sectors are still struggling to match their 2021 peaks, AECS-Tech has maintained a steady upward trajectory. We're now regularly seeing four-quarter rolling totals above $3 billion, with peaks hitting $3.7 billion. This is a significant step up from the pre-2021 era when we hovered around $2.5-3 billion.

Increasing share of global VC funding

AECS-Tech is claiming a larger share of global VC funding. This shift suggests a broader recognition of the sector's potential, likely driven by the pressing need for innovation in construction and infrastructure.

Resilience in growth-stage funding

The resilience of growth-stage funding in AECS-Tech is particularly noteworthy. While the broader VC market has seen a sharp decline in later-stage rounds since 2021, our sector has maintained relatively stable levels. This could indicate a maturing ecosystem with companies demonstrating real value and growth potential.

007 | The P&L of the Construction Industry

Épisode 7

mercredi 3 juillet 2024 • Durée 09:30

‍Here's a revised short description for a Spotify podcast in first person singular:

I break down why the traditional SaaS model often falls short in construction. I'll dive into the industry's P&L, revealing why services trump software and how startups can tap into a market 50 times larger. I'll share insights on building trust, delivering outcomes, and succeeding in the unique world of AEC. Essential listening for founders and VCs in the construction tech space.

Chapters

(01:13) The herd heuristic: SAAS

(02:37) The 1st principle: AECS = outcome business

(04:14) Services address 50x more market than SaaS

(04:33) The P&L of the industry

(06:23) IT Budgets in AEC(S)

(07:46) What it means for founders

‍

The P&L of the Construction Industry

I've been hearing a lot about "software as a service" lately. It's the golden child of the VC world, especially in enterprise tech. But here's the thing - it's not always the best fit for construction. Let me break it down.

Construction isn't like other industries. It's project-based, with strict deadlines and quality requirements. Miss those, and you're looking at hefty penalties. This makes construction an outcome-driven business.

The P&L of the Construction Industry

Let's look at the numbers. In construction, the typical net profit margin is about 2%. That means 98% of revenue goes to costs. And guess what? Most of that is materials and labor.

Here's the kicker - IT budgets are tiny. A 2021 study showed 58% of general contractors spend less than 1% of revenue on IT. Only 25% spend 3% or more. That's a small slice of the pie for software companies.

006 | Thesis: Warehousing For Construction

Épisode 6

mercredi 5 juin 2024 • Durée 10:42

In this episode, I dive into an overlooked opportunity in the construction industry: Warehousing. Is there potentially space (pun) to build a generational company, or not?

I explore why construction is fundamentally a supply chain business and how the lack of just-in-time logistics leads to operational and commercial issues on job sites. Leading to a first principles need for buffering in this complex, interdependent industry, as manufacturers and 3PLs aren't stepping up to fill that buffer role.

Finally, I put forward a to-be-validated thesis for entrepreneurs by providing off-site warehousing and just-in-time delivery to contractors.

Tune in to learn about the compelling numbers behind this play and how it could significantly boost margins for contractors while solving a major pain point in the industry.

(00:58) Construction is a supply chain game

(02:38) It is anything but just-in-time

(03:04) Resulting in inventory lying around on sites

(03:25) Creating operational = Commercial Issues

(05:44) Buffering will always be required

(06:00) Manufacturers = 3PL's won't be the buffer

(09:43) Thesis: The Opportunity

Why isn't anyone innovating in construction warehousing and logistics? In this episode, I lay out the thesis for a major opportunity in the building industry: providing warehousing as a service for construction projects.

Construction is fundamentally a supply chain business, but one that is far from "just-in-time." Jobsites are cluttered with inventory, creating massive inefficiencies and risks.

By strategically locating secure warehouses near major metro areas, a startup could enable contractors to streamline logistics, cut costs, and boost productivity.

005 | Outcome-As-A-Service

Épisode 5

mercredi 15 mai 2024 • Durée 12:50

In this episode of the AEC_VC podcast, I dig into the concept of "outcome-as-a-service" - a business model that is enabling a new breed of startups to build massive companies in the architecture, engineering, construction and supply chain sectors.

I explain how outcome-as-a-service differs from SaaS, targeting huge cost centers by guaranteeing project results vs just providing tools. I lay out the attributes of companies winning with this model, from how they align with project budgets and buying processes, to how they leverage technology behind the scenes to deliver an end service.

Finally, I share examples of trailblazing companies putting outcome-as-a-service into practice across robotics, managed marketplaces, energy audits, engineering services, and contractor platforms. An old-school approach that is unlocking new opportunities - founders, take note!

(00:00) Summary/Introduction

(01:53) Services are the norm in AECS: Here's why

(03:15) The difference to SaaS

(07:00) THINK: P&L and purchasing

(08:11) Framework: The attributes of service winners in AECS

(09:50) Examples

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004 | Hidden in Spite of Obvious

Épisode 4

mercredi 8 mai 2024 • Durée 12:28

In this episode of my AEC_VC podcast, I share my "Hidden in spite of obvious" framework for identifying contrarian investment opportunities in the architecture, engineering, and construction (AEC) sectors. I discuss how the most promising early-stage companies I invest in often pursue ideas that are obvious to industry insiders but remain hidden from outsiders. I emphasize the importance of seeking strong signals, such as customer adoption and cash flow, rather than vanity metrics like fundraising hype. I also encourage founders to develop a deep understanding of the industry's nuances to spot these hidden gems. Tune in to learn how I uncover the next game-changing opportunities in AEC and how you can too.

(00:00) Summary of this episode

(00:34) Introduction

(00:55) B2B / AEC has many nuances

(02:42) My B2B-vertical framework

(06:48) Strong Signals v. Poor Signals

(10:38) Empathy matters early!

(11:22) Founders in AEC: Follow my Framework

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003⎢A New Infrastructure Platform Titan?

Épisode 3

mardi 23 avril 2024 • Durée 16:44

In this podcast episode I talk about the following topics:

• My take on Schneider Electric's reported $16 billion acquisition of Bentley Systems

• My views on the rise of "infraplatform" titans combining design software and operational platforms

• The massive global infrastructure upgrade cycle that I believe is driving this strategic rationale

• The bold thesis I see of controlling authoring to dictate infrastructure hardware choices

• The risks I foresee around integration, valuation, and executing this mega-merger of contrasting assets

Timestamps:

(03:20) Design software for infrastructure and data centers

(05:52) Why now?

(08:32) Why Bentley?

(10:22) Why Schneider Electric?

(11:49) A Great Thesis!

(13:54) It's A Strategic Deal

(15:40) Implication: The CAD War Is On

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AEC VC – Détails, épisodes et analyse

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