Riskcast Solutions announced the closing of a $600,000 pre-seed funding round led by Newark Venture Partners (NVP), with participation from Scopus Ventures. The company is a tech startup aimed at increasing productivity and eliminating outdated paper-based processes for the construction industry. Its technology solution offers tradesmen and women a single platform to quickly enter all of their daily information including, man hours, production quantities, notes, daily logs, delivery tickets, etc.
The Riskcast team recently completed NVP Labs, the Newark Venture Partners accelerator program, and subsequently designated NVP Newark space as its office headquarters. The funds raised will be used for sales, marketing and to augment development, as well as to support the growing team. The newest addition to the staff is Andrew Morgan, a New Jersey native who was introduced to Riskcast during his internship as a business development representative for NVP Labs’s last cohort.
“The construction industry is known for being notoriously old fashion, which also makes it perfectly ripe for disruption,” said Thomas Wisniewski, managing partner of NVP. “Riskcast’s platform is a job site manager’s dream, making any project easier to track, more efficient and less expensive. It would be tough for even the most old-school of operations managers to say no to that.”
Riskcast’s co-founders, Reggie Arichabala and Alec Thomson, are both 20-plus year veterans of the industry. Arichabala worked for Skanska as a cost engineer, an IT integration specialist, and then the Principle Solutions Architect at the $4B LaGuardia Airport project. Thomson began as a field engineer and moved into a regional office before coming to work on a business strategy team for Skanska in their corporate office.
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