In an effort to further its goal of revolutionizing the construction sector, Opteam, a cutting-edge AI-driven construction management software, announced today that it has closed its pre-seed round for an undisclosed sum from Plus VC, the most active venture capital firm in MENA. In order to include all of the important key stakeholders needed for construction projects, additional strategic investors took part in the seed round, including Oraseya Capital, the VC fund of the Dubai Integrated Economic Zones Authority, SIAC Ventures, the VC arm of SIAC Construction, and Dar Ventures, the VC arm of Dar.
Dr. Tarek Hegazy, a seasoned professor and researcher with 20 years of expertise in advanced computational project management for construction, and his son Ahmed Hegazy, a record-breaking software sales executive with major international corporations, founded Opteam in 2020. Dr. Tarek recognized the urgent need for a solution that could close the gap between project complexity and efficiency during his twenty years of infrastructure management research. Opteam was created to assist construction teams in overcoming enduring obstacles and reaching their maximum potential in the dynamic construction industry.
“We are thrilled to partner with Plus VC! Having them on board rounds off our extremely strategic group of investors, spanning key players in the construction industry, the MENA region, and the startup ecosystem,” said Ahmed Hegazy, co-founder and CEO of Opteam. “Plus VC has a strong reputation in the startup world, known for backing and investing in disruptive companies, and we are proud to be one of them. They will be a key player in our mission to penetrate this massive industry and change how companies approach project management. Our strategy is to accelerate our growth as the sole platform for generative scheduling in construction. We are very excited to ramp up our activities and make something truly special.”
The new funding will be used to grow Opteam’s workforce, fortify its position in the Saudi Arabian and United Arab Emirates markets, and enhance its AI capabilities. There is a lot of pressure on consultants and contractors to embrace the advantages of digitization as the construction industry deals with more complex projects with fewer resources. In order to capitalize on the construction industry’s desire for simple, non-intrusive technology, Opteam plans to create AI software that is incredibly consumable and easy to use.
Dr. Tarek Hegazy, co-founder and CIO at Opteam, said, “Opteam is a tool that will finally automate so many of the manual tasks in construction. The Middle East suffers from the highest amount of time and cost overruns than anywhere else globally and is desperate for a solution. We believe that Opteam is perfectly suited to take on this challenge because we are intimately aware of the processes in construction and of the adoption challenges of technology.”
Commenting on the fundraising announcement, Hasan Haider, Managing Partner at +VC, said: “Opteam is breaking new ground in construction technology, addressing some of the industry’s most persistent challenges with innovative solutions. It’s a transformative tool for the construction industry, setting new benchmarks for unmatched efficiency and profitability. We are excited to collaborate with Ahmed and his team as they scale and establish themselves as pioneers in the construction tech space.”
Faysal Shair, Co-Founder and Director of Dar Ventures, said: “For nearly 70 years, Dar has been part of the architecture, engineering, and construction industry. Opteam has developed a strong business case by disrupting project management on construction sites to facilitate progress and deliver better outcomes. We truly believe in Opteam’s disruptive and pioneering technology and its ability to successfully manage complex schedules and resources during the construction phase of projects.”
Opteam is a unique solution that aims to streamline data management for construction companies and cut down on the time it takes to strategize from weeks to minutes. Construction teams can use the software to optimize resources, minimize delays, and manage intricate schedules by combining automation, mobile progress tracking, and advanced data analytics. Opteam hopes that this technology will ultimately result in a 30% reduction in the resources required for infrastructure. Opteam, which emphasizes real-time insights and data-driven decision-making, helps construction teams to automate a lot of manual tasks, provide real-time reporting, monitor the site with precise updates, and recover project delays intelligently.
