Mexico-based building materials provider Cemex launched a corporate venturing vehicle called Cemex Ventures on Wednesday to invest in innovative construction technology.
Cemex Ventures will be based in Spain and will act as an open innovation and venture capital unit, investing in technologies in adjacent areas to its parent company’s core business and providing accelerator and incubator services for earlier-stage technology.
The unit will be headed by Gonzalo Galindo, president of US East Operations for Cemex.
Specific targets for the fund include urban development, construction models and technologies, innovative project finance sourcing and technology that will improve the construction ecosystem by enhancing connectivity.
The unit has also announced that it will launch a contest for startups and entrepreneurs developing technology in its investment areas. The Cemex Ventures Competition will accept applications from March 29.
Cemex CEO Fernando A. Gonzalez said: “Through its open and flexible model, Cemex Ventures aims to generate insights, nurture ideas, incubate, invest in and commercialise the most promising solutions, while driving disruptive change in the construction ecosystem and thereby developing new sources of revenue for Cemex.
“By engaging startups, entrepreneurs, universities and other stakeholders, Cemex Ventures will tackle current challenges in the construction environment and shape the industry’s future.”