Zürich, Switzerland: Cleantech venture capital pioneer Emerald Technology Ventures has invested into Hiboo, which provides industrial equipment data solutions for the construction sector. The €9.3 million round, which was joined by Nabtesco Technology Ventures, ISAI Build Venture, Future Industry Ventures, Ring Capital, and Citizen Capital, will help Hiboo expand its sales pipeline and gain market share amid the rapid digitization of the built environment.
Paris, France-based Hiboo provides an integrated, one-stop window to equipment data for contractors and construction managers. As original equipment manufacturers (OEMs) increasingly employ in-house and third-party sensors to collect information about their equipment, Hiboo’s user-friendly, graphically rich interface weaves together this data for a variety of uses. The benefits of the insights generated include increased efficiency, reduced waste and the ability to spot maintenance needs before problems occur.
The construction industry comprises 13% of the global economy yet has been slow to engage in the kind of transformation efforts that typically spur productivity across other sectors. This leaves it vulnerable to bottlenecks and boom-and-bust cycles. It is also a drag on the industry’s sustainability performance. According to one study, construction and use of the built environment accounts for nearly 40% of global greenhouse gas emissions.
Hiboo’s data platform can help the construction equipment industry—which was valued at $176 billion in 2020 and is projected to add roughly another $100 billion by 2030—plug these gaps, tracking everything from distance traveled to carbon dioxide emissions. For instance, the company estimates it can reduce idle time of an asset by 10%, leading to better outcomes for climate and the bottom line alike. No longer will construction equipment data be a “black box” of minimal transparency.
Emerald has previously supported several companies working to optimize data from industrial sources, including in construction. Key investments include a recent deal with MentorAPM, which develops and sells a cloud-based asset management software platform for utilities and industrial customers, and an ongoing engagement with Librestream, which provides video collaboration solutions for business users in industrial applications and field services.
“The next stage of the construction industry will see it leverage data for faster response, clearer insights and better overall management,” says Emerald Investment Director Mehran Zaker. “Hiboo is perfectly positioned at the cutting edge of this exciting transformation.”
“We are thrilled to partner with Emerald and Nabtesco, a significant milestone for Hiboo. This investment from Emerald, who counts global industry leaders like Caterpillar, Liebherr, and Doosan among their investors, reinforces our status as a neutral server in the industry. This neutrality is key for our effective collaboration and ongoing innovation,” says Clément Bénard, CEO & Co-Founder at Hiboo.
Learn more from CEO Clément Bénard during his live television interview on “Good Morning Business” (in French): French Tech : Hiboo – 09/01 (bfmtv.com)