Balfour Beatty has invested £10m in venture capital firm Pi Labs’ latest fund as it seeks earlier access to technologies aimed at improving infrastructure delivery.
The UK’s biggest contractor said the investment in Pi Labs’ Fund IV would support its strategy to improve productivity, delivery certainty, safety and operational performance across major infrastructure projects.
The fund focuses on early-stage technology businesses developing products for the built environment.
Balfour Beatty said the investment would give it earlier access to startups across the UK, US and Europe, allowing it to identify technologies with potential applications on its projects and develop partnerships with emerging businesses.
The investment forms part of Balfour Beatty’s ‘Evolve, Energise and Explore’ growth strategy, which aims to improve current project delivery while expanding access to emerging technologies and partnerships.
The contractor said the £10m investment also aligns with its wider programme to improve how infrastructure is planned, delivered, maintained and operated through greater use of data, digital technology and more sustainable working practices.
Group chief executive Philip Hoare said: “Productivity is one of the defining challenges – and greatest opportunities – facing our industry.
“To deliver the scale and complexity of infrastructure our customers and communities need, we have to keep finding better ways to work.”
He added: “Our investment in Pi Labs will give us earlier access to entrepreneurs and technologies that could improve delivery, build capability and capacity and create long-term value.
“This is a strategic investment in practical innovation, focused on the partnerships and insight our key markets need for the years ahead.”
Pi Labs has made more than 100 investments across 15 countries since it was established. Its fourth fund plans to invest in up to 50 early-stage technology companies based in the UK, Europe and North America.
The firm’s portfolio includes businesses developing artificial intelligence, data and robotics technologies for the built environment.
Pi Labs founder and managing partner Faisal Butt said: “With Balfour Beatty’s support, we can help connect promising technologies with the infrastructure projects and industry expertise needed to test, scale and apply them in the real world.”
Source: Balfour Beatty announcement
