EHAB have successfully raised £150,000 investment deal through Suss Ventures, the new investor matching service at Sussex Innovation. The platform helps construction companies to identify and plan for weather-related risks using decades’ worth of weather data.
Josh Graham, Founder of EHAB, said:“There is a huge impact of the weather on construction companies and at the moment they don’t really have strategies to tackle this. EHAB will play a huge part in accelerating the industry’s digital transformation. Given the increase in extreme weather events globally, there is an increasing need for construction companies to take the weather seriously. We’re giving these companies a tool to scientifically delve into the numbers and understand when, where and how the weather could disrupt their construction site. With the help of Suss Ventures, we were able to raise even more money than we originally planned.”
EHAB is leading a consortium of partners on an Innovate UK Grant project. Since their foundations in 2015, EHAB has worked with a number of large and exciting partners including Ferrovial Construction and BAM Nuttall, to name a few. They intend to go beyond their existing partners and expand in the United States and countries across Europe, as they’ve seen more construction companies looking towards automating the way they deal with weather risk and optimise their construction operations.
“Seeking investment was a very tough journey, taking six months,” continued Josh Graham. “A genuine compliment to Suss Ventures was that it was the easiest part of our investment round when we were looking for another investor to work with.”
Nigel Lambe, CEO at Sussex Innovation, said: “We’re proud to help businesses like EHAB innovate the weather intelligence space, by matching them with the right financial partners for sustainable development. Suss Ventures is an important part of our commitment at Sussex Innovation to help high-growth, mission-led businesses succeed and understand their market better.”
What is the solution?
EHAB are building a ‘weather ledger’ through cutting edge digital technology on construction sites that add a lot of value to the data being collected onsite and help construction companies to maximise profit and minimise delay by the weather. On average bad weather extends a project’s duration by 21%, costing companies millions in lost profit across their portfolio.
The business is able to offer smarter contracts by deploying a weather station on site that records hyper-local weather information and triggers thresholds that automate contractual obligations the contractor has to their client. This reduces unnecessary paperwork and removes the likelihood of disputes.
The platform also provides enhanced planning, using the Gantt chart that construction companies have for a project to identify where there is weather risk embedded in their schedule and avoid weather-related delay.
By using their tool, companies are warned of inclement weather conditions to mitigate the effects and can access modern parametric insurance cover to transfer risk and protect their balance sheet across different geographies.
EHAB will be launching their product in April. Get early access to EHAB’s platform on their site.