Opteam, an AI-powered construction project management software company, has announced the closing of its seed funding round of an undisclosed amount led by Plus Ventures, a regional venture capital firm, to support its mission to reshape the construction industry.
Other strategic investors participating in the funding round include Dar Ventures, owned by Dar Al Handasah, SAIC Ventures, owned by SAIC Construction, and Eurasia Capital, owned by Dubai South, representing a consortium of all the important players in the project management field in the region.
Opteam was founded in 2020 by Dr. Tarek Hegazy, an expert in construction project management using advanced calculations, and his son Ahmed Hegazy, a sales specialist.
The software helps bridge the gaps in construction technology, helping construction teams overcome chronic challenges and unlock their potential in this rapidly changing industry.
Ahmed Hegazy, Co-Founder and CEO of Opteam, said: “We are very excited to partner with Plus Ventures! Their addition to our investor group completes a strategic team of leading players in the construction sector in the MENA region.
“Plus Ventures supports and invests in disruptive companies, and we are proud to be one of them. They will play a key role in our mission to change the way companies approach project management.
“Our strategy is to accelerate our growth as a generative scheduling platform for construction projects, and we are excited to step up and create something truly special,” he said.
The new funding will be used to enhance Opteam’s AI capabilities, enable the company to expand its team and strengthen its presence in key markets in the UAE and Saudi Arabia.
“Opteam is a tool that will finally automate many manual tasks in the construction industry,” said Dr. Tarek Hegazy, co-founder and chief innovation officer at Opteam.
He added, “The Middle East has the highest time and cost overruns anywhere in the world, because projects are so complex but the tools used are not evolving.
“To date, around 80% of projects suffer from significant delays and cost overruns, the main reason being that most construction project management tools are not designed effectively, leading to further confusion and wasted time and resources.
”We believe that Optim is well-equipped to address this challenge because we fully understand the difficulties of adopting technology and the level of simplicity required.”
