Construction industry accelerator launches alongside €20m venture fund
A digital accelerator and venture fund for the construction industry backed by international building materials firm Kingspan have been officially launched.
Intended to drive innovation throughout the construction industry, covolve and the covolve Venture Fund will be led by Kingspan’s former global marketing director and director of digital Louise Foody.
As director of digital, Foody led the company’s first major technology investment in Invicara, a construction software company that successfully launched Twinit, a digital twin platform. She also established its ambitious multi-million-euro group-wide customer and digital experience programme.
Covolve also opened its first hackathon in Ireland today to more than 60 entries from across its global network.
“Covolve is the culmination of a five-year digital transformation journey at Kingspan with a core focus on ensuring new sources of digital value, both internally and for the wider construction sector,” said Foody. “We are to be the epicentre of advancement, innovation and inclusivity within the building and construction sector, empowering a human-led, collaborative approach, and accelerating how construction and technology can optimally co-exist.
“At covolve, we are uniquely positioned to lead the digital evolution of the construction sector. From ideation to execution, covolve follows a creative, mould-breaking model, which has been developed by the team over the past five years to rapidly drive digital adoption across the industry. We are actively tackling the largest challenges in our sector, prioritising efficiency and effectiveness to drive value, while delivering on a shared vision for a viable and sustainable net zero energy future through decarbonisation projects.
“With direct access to Kingspan’s global customer base, and its ecosystem of more than 100,000 people, covolve is fortunate to have the continued support and investment of a company that has generated over €8.3 billion in revenue across Europe, the Americas and several other countries. At Kingspan, the business model has always been about recognising and embracing new and exciting opportunities and with covolve, we are going one step further, creating a mould-breaking accelerator in the digital space.”
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