Construction Tech Unicorn Veev Attempts Comeback in Israel
Translated & summarized from TheMarker by baba
Erwin Schillinger and Lissy-Inden are launching a new venture to revolutionize Israeli construction with robotic production lines. Their previous company, Veev, reached a $1 billion valuation in 2022 before collapsing. The new effort aims to cut building costs by tens of percent and achieve a similar valuation.
The story in 5 lines · by baba
- Erwin Schillinger and Lissy-Inden are launching a new construction tech venture in Israel.
- Their previous startup, Veev, achieved a $1 billion valuation in 2022.
- The new venture will use robotic production lines at Kibbutz Afikim.
- The goal is to reduce construction expenses by tens of percent.
- They aim to reach at least a similar valuation to Veev's previous success.
Erwin Schillinger and Lissy-Inden are making a second attempt to introduce their construction technology to the Israeli market, aiming to significantly reduce building costs. Their previous startup, Veev, a manufacturer of components for rapid industrialized construction, achieved unicorn status with a $1 billion valuation in 2022 after raising $400 million. Veev had sought to bring innovation and Israeli audacity to the American construction industry.
Now, the focus is on establishing a robotic production line in the industrial zone of Kibbutz Afikim in northern Israel. The goal is to save tens of percent on construction expenses. Schillinger expressed optimism, stating, "We expect to reach at least a similar valuation."