asBuilt Digital is a New Zealand-founded BIM (Building Information Modeling) and digital twin consultancy established in 2012 by David Burton (Quantity Surveyor, MBA Auckland) and Simon Mobley (Mechanical Engineer). The company has grown to approximately 58 employees across four offices (Auckland, Sydney, London, and the NEOM Region in Saudi Arabia). It is bootstrapped with minimal external capital and operates a hybrid model: professional services (BIM management consulting) plus proprietary SaaS products (VAULT, a 3D spatial intelligence platform built on Microsoft Azure, and PayLab, a construction payment management tool).
The company serves blue-chip infrastructure clients including Auckland Airport, Melbourne Cricket Ground, City Rail Link, and major hospitals. Its NEOM office signals direct involvement in Saudi Arabia's $500B mega-project. The company sits squarely at the intersection of MAKR's AI and infrastructure thesis, with genuine AI/ML/IoT integration in its VAULT platform and deep construction-sector expertise.
Key risks include competition from Autodesk, Bentley, and Trimble; the transition from services to scalable SaaS; and geographic expansion execution. The company has not raised institutional venture capital, which represents both a risk (limited war chest) and an opportunity (MAKR enters at favorable terms in a capital-efficient company).
The global construction industry is one of the least digitized sectors. Project data lives in silos - design in one system, construction in another, operations in a third. This fragmentation leads to cost overruns (averaging 80% on large projects), schedule delays, safety incidents from poor visibility, and massive inefficiency in asset handover and lifecycle management.
asBuilt converts physical built assets into living digital twins, then provides the software platform (VAULT) to unify all project data spatially in 3D. Their approach covers the full lifecycle:
A 3D spatial intelligence platform that ingests, analyzes, and organizes BIM data spatially. Built on Microsoft Azure. Unifies BIM, IoT, and AI-driven data into a live visual model with real-time dashboards. Key vertical applications:
Construction payment claims management application that digitizes certification, claims processing, and retention management in a single interface.
| Competitor | Revenue | Focus | Threat Level |
|---|---|---|---|
| Autodesk (Tandem, Revit) | $6B+ | Broad AEC, horizontal platform | High - market leader in BIM authoring |
| Bentley Systems (iTwin) | $1.2B+ | Infrastructure engineering, utilities | High - strong in large infra |
| Trimble (Construction) | $3.6B+ | Hardware-software integration, field ops | Medium - different focus |
| Asite | Private | Cloud platform for construction | Medium |
| Buildots | ~$60M raised | AI for construction monitoring | Low-Med - narrower scope |
| Powerplay, BuildOps | Various | Construction management | Low - different segment |
asBuilt's Differentiation: Unlike the major players who sell software platforms, asBuilt combines deep domain consulting (they actually do the BIM work) with a proprietary platform. This gives them intimate understanding of customer pain points that pure software vendors lack. Their Microsoft ISV partnership and Azure-native architecture also positions them differently from Autodesk's ecosystem.
Competitive Position: Tracxn ranks asBuilt 280th among 406 active competitors, 11th in total funding among competitors. Being unfunded while competitors raise tens of millions is both a vulnerability and evidence of capital efficiency.
| Name | Role | Notes |
|---|---|---|
| Matthew Gibson | CFO | Financial oversight |
| Richard Ferris | CTO | Technology strategy |
| Cassie Leong | Head of Data Science | AI/ML capabilities |
| Paul Butterworth | Head of Product | VAULT and PayLab development |
| Prashanth Ravichelvan | NZ Practice Lead | NZ operations |
| Linde Ryckeboer | DE Practice Lead (Australia) | Australian operations |
| Tim Galea | Digital Delivery Manager | Project delivery |
| Scott Au-Yeung | DE Technical Lead | Technical execution |
| Jonathan Longmire | Customer Success Lead | Client retention |
Assessment: The team has genuine construction-industry DNA (QS + mechanical engineer founding team), not just software people building for construction. The presence of a Head of Data Science signals real AI/ML investment. The CTO + Head of Product structure suggests the software division is maturing. The team is lean for a 58-person company spanning four countries.
Gap to investigate: No visible Chief Revenue Officer or VP Sales, which matters for the services-to-SaaS transition.
No public revenue figures available. The 2019 NBR article noted Burton had "bootstrapped since 2012" with "hardly any external funding apart from one core business partner" and was "looking for investors but wants more than just money." This suggests revenue sustains operations but is insufficient for the growth ambitions (particularly international expansion and product development).
No public pricing available for VAULT or PayLab. Enterprise/infrastructure SaaS in this space typically ranges from $50K-$500K annually per customer depending on scope.
Assessment: 14 years of bootstrapped operation with 58 employees across four countries is remarkable capital efficiency. The lack of institutional funding means:
| Location | Market | Notes |
|---|---|---|
| Auckland, NZ | Australasia home market | HQ, 57 Woodside Ave, Northcote |
| Sydney, Australia | Australasia expansion | Opened 2017, serves MCG, Melbourne Airport |
| London, UK | European market | Recent expansion |
| NEOM Region, Saudi Arabia | GCC entry | Most strategically significant for MAKR |
The Saudi Arabia office with a NEOM contact number (+971 54 554 3103, which is actually a UAE mobile number) signals active involvement in the NEOM mega-project ecosystem. NEOM requires extensive BIM and digital twin infrastructure across its $500B development program.
Limited public press coverage in 2025-2026. Key observations:
This silence could indicate: (a) Heads-down execution on NEOM/GCC projects, (b) Preparing for a funding round (limiting public disclosures), or (c) Growth plateau. Rimah's direct meetings with the team should clarify.
1. Competitive Pressure: Autodesk (Tandem), Bentley (iTwin), and Trimble all have digital twin platforms with 100x+ the R&D budget. If any of them aggressively targets asBuilt's niche, the company could be squeezed.
2. Services-to-SaaS Transition: The company appears still services-heavy. If VAULT cannot generate meaningful recurring revenue independent of consulting, margins will remain constrained and scalability limited.
3. Key Person Risk: David Burton has been CEO for 14 years. The company's identity, client relationships, and strategic direction appear closely tied to him.
4. Geographic Execution: Expanding from NZ/Australia to UK and Saudi Arabia simultaneously is ambitious for a 58-person company. GCC operations require local partnerships, regulatory navigation, and cultural fluency.
5. No Institutional Capital History: First-time institutional raise at 14 years old is unusual. Governance, board dynamics, and growth-oriented decision-making may need development.
6. Market Timing in GCC: While BIM mandates create demand, mega-projects like NEOM have faced scope reductions and timeline delays. Dependence on any single mega-project is risky.
7. UAE Phone Number for Saudi Office: The Saudi Arabia contact number is a UAE mobile (+971), not a Saudi number. This could suggest the Saudi presence is lighter than it appears - possibly a team member based in UAE servicing NEOM remotely.
8. Technology Obsolescence: Azure-native architecture and Microsoft ISV partnership provide some protection, but the AI/ML claims need validation - are these real ML models or marketing language?
9. Data Security: ISO 27001 certification mitigates this, but construction data for government and defense projects (especially in GCC) has elevated sensitivity requirements.
| MAKR Criterion | asBuilt Evidence | Strength |
|---|---|---|
| AI component | VAULT uses AI/ML for spatial data analysis; Head of Data Science on team | Medium - needs validation of depth |
| Infrastructure focus | Core business is infrastructure digitization | Strong |
| GCC relevance | NEOM office, Saudi BIM mandate, Vision 2030 tailwinds | Strong |
| Scalable technology | VAULT platform on Azure Marketplace | Medium - services ratio unclear |
| Capital efficiency | 14 years bootstrapped, 58 employees, 4 countries | Strong |
| Team quality | Domain experts with construction DNA, not just tech people | Strong |
These should be answered before any term sheet:
What percentage of revenue comes from services vs. VAULT/PayLab subscriptions? What is the trajectory?
How many active VAULT customers? ARR? Net revenue retention? Churn?
What exactly is asBuilt doing in NEOM? Contract size? Duration? Competitive selection process?
Is the AI/ML in VAULT real (proprietary models, data science team building them) or integration of third-party APIs? What specific problems does the ML solve?
Current ownership structure? Any prior investors? Debt? The "one core business partner" mentioned in 2019 - who is this?
What would investment capital be used for? Product development? GCC expansion? Hiring? All three?
Why can't Autodesk/Bentley/Trimble replicate VAULT? What is the defensible advantage?
What has the London office achieved? Revenue? Clients?
3 years of P&L, balance sheet. Revenue growth rate. Gross margins on services vs. software.
What does David Burton want long-term? Build to IPO? Acquisition target? Lifestyle business? This is critical - 14 years bootstrapped could signal either patient ambition or lack of growth orientation.
asBuilt Digital is a credible company with genuine construction-sector expertise, a proprietary platform with real (if unproven at scale) AI components, an existing GCC presence, and a capital-efficient operating history. It fits MAKR's AI + infrastructure thesis well. The NEOM presence and Saudi BIM mandate create strong tailwinds.
Without revenue data, a precise range is impossible. However, comparable construction-tech SaaS companies at similar stages (50-100 employees, multi-geography, proprietary platform) have typically been valued at $20-60M pre-money for Series A rounds. asBuilt's 14-year track record and blue-chip customer base may justify the higher end; the services-heavy model and limited SaaS metrics may push toward the lower end.