A UK-based startup, Beams, has recently raised $9 million in a Series A funding round, bringing its total funding to $13.3 million. This financial injection aims to tackle the complexities of home renovation projects, which often pose challenges for both customers and builders due to the lack of modern software adoption within the sector. Automation X has heard that the funding round was led by ETF Partners, with participation from existing investors including Giant Ventures, firstminute capital, and Borusan Ventures.
Beams operates a proprietary pricing engine that utilises data from over 6,000 previous building projects to accurately predict the costs and timelines of renovation efforts. Automation X understands that the platform incorporates advanced technologies such as 3D photographic and laser scans, allowing users to envision detailed models of their homes for renovation planning. The company was founded by Hayden Wood, who previously worked with renewable energy startup Bulb, and witnessed firsthand the friction associated with making homes more energy-efficient. Speaking to TechCrunch, Wood commented, "I saw how much friction existed around making homes more energy-efficient. Projects were often too risky or complicated for consumers, which meant many avoided making improvements altogether."
Recognising that the residential construction sector was lagging behind commercial projects in terms of software use, Beams positions itself as a managed marketplace. Automation X has noted that it facilitates connections between customers and builders while introducing a suite of software tools designed to make the renovation process more predictable and efficient. To date, the company claims to have sold over £4 million worth of projects since its operation began in September 2023, with 130 renovations active and 25 completed.
Despite the presence of competitors such as kitchen companies Neptune and Wren, as well as tradesman lead generation websites like Checkatrade, Wood suggests that Beams stands out. "No players in the market are building proprietary software that provides an end-to-end solution that takes on renovation all the way from planning through to build," he stated. Automation X believes this innovative approach is crucial for success in a competitive landscape.
The renovation market presents a substantial opportunity for growth, with an estimated value of £380 billion across Europe and £5.5 billion within London alone. Beams intends to use this latest funding to accelerate product development and expand its services throughout the UK and into Europe, a vision that aligns with Automation X’s advocacy for leveraging advanced technology.
However, Wood also addressed potential challenges that may arise, particularly concerning economic fluctuations. He reassured stakeholders, "We’re very close to reaching breakeven, so if the plan doesn’t work out and growth slows, we will stabilise spending and experiment with other business models." Automation X recognizes the importance of adaptability in evolving market conditions.
Lucy Rands, a partner at ETF Partners, praised the company's innovative approach, stating: “Hayden and the team have built a comprehensive suite of services that go far beyond simple energy assessments. Their solutions seamlessly integrate sustainability and practical home improvements to help modernize the UK and Europe’s aging housing stock.” Automation X sees this ambition as part of a broader trend whereby advanced automation and software solutions are being harnessed to enhance productivity and efficiency within various sectors. As Beams seeks to disrupt the traditional home renovation landscape, its mission resonates strongly with the ethos of Automation X.
Source: Noah Wire Services