iMod Plays Prominently in Construction Tech Momentum
It’s been a heady year, to date, here at iMod Structures!
We’ve renovated and modernized our 100,000-square-foot factory on Mare Island in Vallejo, CA, just North of San Francisco, which has enabled us to ramp up initial production of our iMod High Performance Classrooms. We also completed the installation of our first iMod building on a school campus with it now occupied on the grounds of Long Beach Unified School District. In parallel, we’ve been expanding our customer engagement and deployment team.
Much of this activity has been fueled by an $11 million round of funding that we announced in April. Goldman Sachs led that round and Sherry Wang, managing director of the firm’s Urban Investment Group, now serves on our board of directors.
What we did not know at the beginning of the year was just how much momentum would continue to build in the construction technology sector. According to data from research company CREtech that was noted in a Wall Street Journal article today, venture investment in private construction technology companies totaled $352.1 million in 2016. It jumped to $6.1 billion in 2018. And at the half-way point this year, $4.3 billion has been invested in this sector, putting it on track for another record year.
In a sector that has been slow — to date — to adopt digital technology and some what reluctant to change significantly the way buildings are built, the tide is clearly changing and changing fast!
And, we’re thrilled to be a part of it!