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In September 2021, Nexii, a Canadian construction technology startup, announced that the firm had attained unicorn status after raising US$45 million. The company claims that is it’s the fastest ever to hit US$1 billion in valuation (in fewer than 31 months) in Canada. As of September 2021, the construction technology startup has raised total equity of more than US$109 million (C$125 million) with a post-money valuation on its last raise of US$1.23 billion (C$1.55 billion).
Nexiite – An innovative low-carbon alternative to cement
Nexii, the Vancouver-based construction technology startup, is best known for developing a building material, Nexiite, which is used as a low-carbon alternative to cement and concrete for walls, floors, and roofs. Moreover, Nexiite has comparable properties to concrete but contains no Portland cement or lime, thereby significantly reducing the end-to-end carbon emissions.
The construction firm uses a proprietary blend of readily available ingredients, with no ILFI Red List toxic substances, to create Nexiite. Additionally, Nexiite is used to create panels used in commercial, residential, and industrial buildings. The construction firm designs and manufactures buildings and green building products that are cost-efficient, sustainable, and resilient in climate change. Notably, the building solutions offered by Nexii have a lower carbon footprint with 20% to 33% less embodied carbon. Moreover, the building solutions also use 33% less energy overall and 55% less heating energy.
Strategic partnerships bolstering the growth plans of Nexii
The substantial growth attained by the construction firm while reaching unicorn status in fewer than 31 months has been primarily supported by many high-profile strategic partnerships. For instance,
The Vancouver-based construction technology startup partnered with Honeywell who is the exclusive buildings technology supplier to Nexii.
Similarly, the construction firm has partnered with Trane Technologies to create sustainable commercial buildings with reduced carbon footprints, and most recently,
The firm has entered into a strategic partnership with Siemens to advance the rapid delivery of high-performance total building solutions.
Striking deals with quick-service restaurants
The green construction firm has been striking deals with several quick-service restaurants such as Starbucks Corp. and A&W Food Services of Canada Inc. to provide construction materials that can reduce building emissions by 30% in some cases.
Beyond quick-service restaurants, the construction technology startup has also increased its construction efforts for mid-size buildings such as the new Marriott hotel in Nanaimo. According to Nexii, the firm is anticipating substantial growth with the product in mid-to-high-rise buildings that needs to be far more energy-efficient. Notably, the construction firm is also looking at growth opportunities with multi-unit residential buildings.
The company expanding its operation across North America
Since launching as a small startup in 2019, Nexii has expanded to eight manufacturing plants in operation or development across North America. As of September 2021, the construction startup has two operational plants in North America, and the other six are under development, including the one in Pennsylvania, United States.
According to the company, the new plants will help the construction firm to meet the growing consumer demand. Notably, the Pennsylvania plant in Hazelton will help the firm in serving the northeast markets, including New York City, Philadelphia, and Washington D.C. The plant is expected to produce more than eight million square feet of building panels every year.
The construction firm reaching unicorn status in fewer than 31 months is a testament to the incredible potential of the overall green construction market.
