Extranet Revolution, April 2014
SpecifiedBy is another UK startup applying social media approaches to construction industry communications, and has closed its seed funding round. It has just achieved another milestone in its development, closing a seed investment round of £125,000, led by Northstar Ventures (also a backer of North Shields-based mobile asset management and surveying SaaS provider Kykloud) and IP Group, and supported by several business angels.
Founded by architecture technology graduate Darren Lester, Edinburgh and Newcastle-based SpecifiedBy plans to have a similar impact on the construction industry as TripAdvisor had on the travel sector. SpecifiedBy gives architects and other construction professionals an online platform that combines smart search, project management and access to the shared knowledge and recommendations of other industry professionals regarding building products and materials, plus all the associated building product information and design data, such as BIM and CAD content.
Lester says: “The construction industry is not exactly renowned for its openness or sharing culture, so we’ve taken on a big challenge. But we believe that by giving the industry access to better data regarding building products and materials, better decisions will be made, which will ultimately lead to a better, more sustainable built environment.
“We’re not a review website as such, but we provide access to invaluable first-hand experience of working with particular products, materials and companies in the same way TripAdvisor gives you the inside track on hotels and restaurants.”
With investment in place, the company plans to further develop the platform, including a ‘private library’ version aimed at teams and practices rather than individuals, and expand the team with roles in content management, sales and marketing to be filled. SpecifiedBy has also agreed a partnership with the Chartered Institute of Architectural Technologists to promote the platform to its members and put SpecifiedBy in touch with CIAT members who can help with particular technical challenges.