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Thank you for checking out our quarterly update 👍
The GMS is a GPS specifically for construction contractors. They put in what they want to do, and the GMS uses artificial intelligence to mine, analyze, and leverage, their historical and real-time data to autonomously optimize their estimates and schedules...saving them up to 30% on their labor costs!
💻Product Updates:
The GMS is growing more powerful with 6 different intelligence models providing actionable insights. But this intelligence is only as good as its usability. For this reason, we’ve had 2 teams, one building the intelligence engine of the GMS, and the other building the body of the GMS, also known as the user interface. These teams are now working together to integrate their developments, to SIMPLY, put this power into the hands of our users.
💼Business Development:
As we get ready to close out our pre-seed round, we’ve updated our pitch deck and forecasts based on existing traction and spending. We’re also updating our website and videos, which should be live before our next update.
📊KPIs & Core Metrics:
We hit our first major delay. As we prepared for our first BETA release in May, our machine learned estimating functionality wasn’t able to mine existing datasets as granularly as necessary to improve estimate accuracy. As an executive from the construction industry, I knew the datasets from various subscribing construction contractors were going to pose challenges, but I didn’t expect the additional functionality necessary for our subscribers to help train the GMS to better know what to do when this occurs was going to take another quarter’s worth of money and work.
💰Finances:
We’ve raised another $100K this quarter. With non-dilutive funding we’ve raised a total of $600K, so even with this additional work, the MVP is fully funded, but we’re still raising $150K to complete BETA testing, and another $150K to bridge us between our pre-seed and seed round so we can take the GMS into the market and scale.
😓Lowlights:
I complained in our last update about the definition of MVP, specifically the concept of “minimum.” As disappointed as I am with the delay, the additional work was anticipated. We were just hoping it would be done in conjunction with BETA testing, not after. So our minimum just got more expensive, but will also be more impressive.
With every storm, follows a rainbow and new growth. It’s so exciting to be past the minimum SaaS and the intelligence development, and to be now working on the tweeks necessary to get both developments working in harmony to accomplish our users goals. Get ready to see what most say is impossible, in action!
📰Press:
In this last quarter, the GMS was nominated and is now a finalist for the Wisconsin Innovation Awards, highlighting and honoring the development of groundbreaking and innovative ideas.
And the GMS has been nominated as one of the “Top 10 Construction Tech Solutions Providers of 2024” by CIO Review Magazine.
🆘Help Wanted:
Introductions to:
- Construction Contractors
- Construction Material Manufacturers
- Potential Investors
🙏Thank You!
We need to send a few shout outs. We wouldn’t have made it this far without the support and sacrifices of:
- Nora, Michelle, & Jocelyn, with the SBDC, for your encouragement, guidance, and introductions for mentorship and additional funding.
- Joey Frane, and the Wisconsin Economic Development Corporation, for reviewing our business plan and concluding the GMS is a company Wisconsin wants grown here, by awarding us a $100,000 Technology Development Loan.
- Shawn Bierd & Brad Gunnink for investing another $100,000 to fulfill the WEDC TDL 1to1 Match requirement.
- Jess MacLeod for the substantial value you’ve brought through all the introductions and meetings you’ve facilitated to help raise additional funding and to grow GMS partnerships with construction subject matter experts.
I also wanted to thank you, our encouragers and supporters!
Thank you for however long, and in whatever capacity you’ve been alongside us in our journey, and we’re looking forward to the coming years, especially for every time our paths get to cross.
Please keep checking out our quarterly updates, you may, or someone you know may be able to help us, or maybe you would like to learn more about how the GMS can help you, your family, friends, or contractors you know.
Welcome, to the new world of AI B2B SaaS, that will revolutionize the construction industry.
You are awesome and appreciated!
Keep making life wonderful 🙂
-Tommy & the GMS team
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