In the news today, Ediphi, the most advanced cloud-based estimating solution on the market, announced that it has secured $6 million in financing.A seed funding round of $5 million has been announced. A unique aspect of Ediphi is that it is the only truly cloud-based platform that will increase the speed at which conceptual and detailed cost estimates can be made, while centralizing the procurement process at the same time. Funding for the project comes from Suffolk Technologies, a venture capital platform that invests in the next generation of companies that solve challenges related to the built environment. Ediphi was the first customer of Suffolk Technologies, which is the venture capital affiliate of Suffolk, one of the nation's largest and most innovative builders.. The funds will be used to develop the platform further, scale the business, and recruit additional employees in order to further grow the business
The funds will be used to develop the platform further, scale the business, and recruit additional employees in order to further grow the business
In preconstruction, moving from project concept to target value design can be expensive and time-consuming. Construction estimators are increasingly asked to join the process at the conceptual stage while design details are still being finalized. As a result of this early engagement, multiple revisions of the design are required as well as cost estimation exercises that are inefficient and do not leverage the institutional knowledge that has been built up from previous projects and the collective knowledge between team members.
A construction estimator is increasingly being asked to get involved in the conceptual phase of a project when design details are still being developed. Moving from project concept to target value design can be very costly and time-consuming. The early engagement process requires multiple revisions of the design and cost estimation exercises that are inefficient and do not utilize the institutional knowledge that has been built up by previous projects as well as team members.
According to Dustin DeVan, Ediphi's CEO, after looking at the market, we realized there was no cloud-based solution that could handle both conceptual and detailed cost estimations."
With Ediphi, contractors can start preconstruction by preparing a "napkin sketch" of their project to determine a price.A key benefit of the platform is that it enables early collaboration between design teams and contractors, allowing them to price evolving designs, propose value engineering alternatives, and transition from quantity takeoffs to detailed cost estimates. The application makes it easy for estimators to compare their cost models with past projects, price the entire project's general conditions and general requirements, level bids against budgets, award subcontractors, and execute contracts all within a single cloud-based application.. As a result of Ediphi, construction estimators are able to:
As a result of Ediphi, construction estimators are able to:
Accelerate preconstruction and win more profitable work with our new tool Accelerate preconstruction and win more profitable work by utilizing our centrally located cloud-based cost estimate data We have already received positive feedback and have been attracting high-profile clients towards our platform. "I recently did a study comparing the performance of our estimating team pre-Ediphi to the performance now," said Scott Menard, National Director of Preconstruction at Suffolk Construction Company.. In addition, we increased revenue per estimator by $20 million, and the return on investment was 1,900%. It's the first time I've seen anything like that in my life. Our estimators have been waiting for this tool for a long time.In the six years leading up to the co-founding of Ediphi, Dustin DeVan worked as a general contractor for six of those years. It was through that experience that he was able to deepen his passion for the construction industry and ignite his ambition to improve the preconstruction process. As a result of this call, he founded BuildingConnected, a preconstruction platform that was eventually acquired by Autodesk for a price of $275 million. It is also worth mentioning that DeVan has been joined by CTO Michael Navarro, who is a 20-year veteran of preconstruction and operations, as well as the chief architect behind the Ediphi platform..After looking at the market, we realized that there were no cloud-based solutions that could handle both conceptual and detailed cost estimations," said DeVan.. During the early phases of the construction project, it became apparent that there was a need for a tool that would make collaboration between stakeholders easier, especially during the early stages. Using Ediphi, you will be able to transform the estimating process from a one-time event to one which is ongoing, knowledge-rich, and collaborative.A brief description of EdiphiEdiphi is the world's most advanced cloud-based estimating software on the market today. Using our platform, contractors are able to streamline preconstruction and empower better decision making, so that they can consistently guide clients to the right target value design for their project. Ediphi leverages the cloud infrastructure to ensure data accessibility across your workflows—from estimating, to procurement, to risk management, so that contractors can reduce non-recoverable preconstruction costs and reduce the time it takes them to move from ideation to breaking ground, all while better serving their end customers.. You can find out more about what we do by visiting our website: www..I am Ediphi,.Ediphi is a comSOURCE
Ediphi is a comSOURCE
There is already positive feedback about the tool and big-name clients are expressing interest in it. "I recently conducted an evaluation of the performance of our estimating team from pre-Ediphi to now," said Scott Menard, Suffolk's National Director of Preconstruction. There was a $20 million increase in revenue per estimator and a 1,900 percent return on investment. I have never seen anything like that before. I believe this is the tool our estimators have been waiting for.
The CEO of Ediphi, Dustin DeVan, spent six formative years working in the construction industry prior to co-founding the company. His experience in the construction industry deepened his passion for the industry and ignited his ambition to improve the preconstruction process. In response to this calling, he founded BuildingConnected, which was acquired by Autodesk for $275 million in 2015, as a preconstruction platform for the construction industry. As part of the team, DeVan is joined by Michael Navarro, a 20-year veteran of preconstruction and operations, who is also the chief architect behind the Ediphi platform
As part of the team, DeVan is joined by Michael Navarro, a 20-year veteran of preconstruction and operations, who is also the chief architect behind the Ediphi platform
"When we looked at the market, we realized that there was no cloud-based solution capable of handling both conceptual cost estimating as well as detailed cost estimation," DeVan explained. "It was obvious there was a need for a tool that could simplify collaboration among stakeholders in the early stages of construction projects," said DeVan. According to Ediphi, estimating will no longer be a one-time event, but rather a continuous, knowledge-rich, and collaborative process."
Ediphi is one of the most advanced cloud-based estimating software solutions on the market today.. Through our platform, contractors can streamline preconstruction processes and empower better decision making, ensuring that they are consistently guiding clients to a design that is based on the right target value. Through the use of cloud infrastructure, Ediphi makes sure that all your workflows are accessible, from estimating to procurement to risk management, allowing Contractors to reduce the non-recoverable preconstruction costs, shorten the time it takes for contractors to move from ideation to construction, all while better serving their end customers.. If you would like to learn more about us, please visit our website: www..I am Ediphi..Please visit www.com
Please visit www.com
Ediphi is the source of this information
We'll deliver PRN's top stories and curated news straight to your inbox on a weekly basis when you sign up!

Source prnewswire