Portfolio Profiles: Rhumbix
Meet the Kiddar portfolio company leveraging data to make construction safer and more efficient from the ground up.
It’s also hugely inefficient: large construction jobs typically take 20% longer to finish than scheduled, and cost up to 80% over the original quoted budget. What’s more, a career in construction can be dangerous, with a fatal injury rate the greatest of any US industry.
Navy veterans Drew DeWalt and Zachary Scheel founded Rhumbix to tackle all these problems in one fell swoop. Using their experience in construction and team dynamics, the duo created a comprehensive platform that utilizes on-the-ground data to make construction both safer and more efficient. The all-in-one construction management solution includes digital timekeeping, reporting and documentation, foremen feedback, and budget and labor productivity tracking. (Go here to check out a full list of Rhumbix product features.)
Rhumbix works by collecting data from smartphones carried by construction workers. The phones collect data throughout the day — most of it anonymous, to protect employee privacy — which is then recorded and translated into real-time insights to help projects run efficiently and deliver on time. Different dashboards are available for foremen, managers, operations, and executives, so each stakeholder can keep track of what’s most important to them.
The proof is in the numbers: construction is such a low-margin business that Rhumbix can multiply construction profits by up to 2–3x. They’ve already landed high-profile clients including Anvil Builders and investments from Brick & Mortar Ventures and Greylock Partners. Rhumbix also offers integrations with construction technology standards like Procore, Viewpoint, Quickbooks, and Xero.
Construction is the second-least digitized industry in the world; and, according to KPMG, only 36% of engineering and construction firms make use of advanced data. The industry trails the general economy in both productivity and efficiency, creating an enormous opportunity for construction technology companies like Rhumbix.