Katerra: Construction’s $865 million question?

What?

Silicon Valley-based construction tech company Katerra announced a SoftBank-lead $865M Series D.

Why?

It’s common knowledge the construction industry is FUBAR. It’s second to last in terms of labor productivity of all major industries; it’s one of the least digitized major industries, spending <1% of revenue on R&D; and “large projects across asset classes typically take 20 percent longer to finish than scheduled and are up to 80 percent over budget,” according to McKinsey. Look no further than Denver’s unfinished VA hospital that’s gone $1 B (B as in boy) over budget as a case-in-point.    

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