Cemex Ventures, the corporate venture capital (CVC) and open innovation unit of Cemex, released today the list of the most promising construction technology (Contech) startups of 2024.
Top 50 Contech Startups 2024 reveals the most disruptive startups that are redefining the construction industry according to the corporate venture capital's four strategic focus areas: Green Construction (sustainability), Enhanced Productivity (efficiency), Construction Supply Chain (agility), and Future of Construction (disruption).
Since 2021, Contech has been gaining momentum as the construction industry faces pressure to innovate, and startups have emerged as crucial stakeholders helping to solve some of the industry's most critical pain points, leading its evolution. The 5th edition of Cemex Ventures' Top 50 list is accompanied by a report with an in-depth review of industry investments in 2023 and an outlook on innovation and investment in the year to come.
Last year, Contech investment totaled US$3.03 billion from 236 deals, a 44% decrease and 3.5% increase from 2022, respectively, due to the overall turbulent macroeconomic forces that affected funding across the board. However, the increase in Contech deals from 2022 to 2023 also reveals that investors continue to see favorable opportunities in the industry. In 2023, deals related to Enhanced Productivity dominated, making up 45% of total deals, followed in second place by Green Construction with 24% of deals. The demand for digital-based and sustainable solutions affirms construction's ongoing digital transformation and fight to achieve CO2 neutrality by 2050.
'Our investment analysts track investment data throughout the year and continually engage with global startups to target the most innovative solutions that are consistent with our mission to foster the construction industry revolution,' said Gonzalo Galindo, Head of Cemex Ventures. 'Innovation requires a long-term approach and cannot be defined by a year alone, but our Top 50 Contech Startups list and report helps us track innovation through investment and technology adoption and gauge the health of the construction startup ecosystem.'
The selected startups in this year's Top 50 Contech Startups edition come from all over the world, however, they all boast solutions with a unified objective: to revolutionize the construction industry.
About Cemex Ventures
Launched in 2017, Cemex Ventures focuses on helping overcome the main challenges and capitalizing on the opportunity areas in the construction ecosystem through solutions that consider sustainability. Cemex Ventures has developed an open collaborative platform to lead the revolution of the construction industry, engaging startups, entrepreneurs, universities, and other stakeholders to tackle the challenges in the construction environment and shape the industry's future. For more information on Cemex Ventures, please visit: www.cemexventures.com
About Cemex
Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com
Cemex Ventures BV is an indirect subsidiary of Cemex, S.A.B. de C.V. Except as the context otherwise may require, references in this press release to 'Cemex,' 'we,' 'us,' 'our,' refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Cemex intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect Cemex's current expectations and projections about future events based on Cemex's knowledge of present facts and circumstances and assumptions about future events, as well as Cemex's current plans based on such facts and circumstances, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex's expectations, including, among others, risks, uncertainties, and assumptions discussed in Cemex's most recent annual report and detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex's expectations, expected results, and/or the investment and projects referred herein not producing the expected benefits and/or results. Cemex assumes that the startups referenced in the list referred to in this press release have the rights to their corresponding projects. Cemex is not responsible for any ownership or rights issues that any startup may have with respect to their corresponding project. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of Cemex's forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Cemex is not responsible for any third-party information referenced in this press release.
There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a 'green', 'social,' or 'sustainable' or having equivalent-labeled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as 'green', 'social,' or 'sustainable' or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as 'green', 'social', or 'sustainable' or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.
Contact:
Jorge Perez
Tel: +52 (81) 8259-6666
Email: jorgeluis.perez@cemex.com
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