Ron Zass, Michael Sasson, Shalom Bellaish (Constru.ai)
Israeli construction startup Constru, which is bankrupt, is now for sale. The decision to sell out came after the company found itself in receivership over debt.
Trustee Danit Rimon, head of Arnon, Tadmor-Levy law firm’s insolvency and restructuring practice group, made a filing on Friday placing Constru up for sale. She also requested an extension of the order freezing proceedings for the company and permission to lay off any of the company’s employees that she deems necessary.
Constru had its assets frozen recently by a Tel Aviv court. The company asserted then that it’s $4.5 million in debt resulting from financial problems caused by the unpopular judicial reform plan proposed by the government of Prime Minister Benjamin Netanyahu that sparked months of nationwide demonstrations and even led to people taking their money out of the country for fear of what the reforms will do to Israel’s economy.
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The company filed a plea with the court for assistance. Constru told the court “A number of investors, including the leading investor in the current investment round, withdrew from their previous intention to invest in the company,” because of Israel’s political turmoil.
Founded in 2017 by CEO Michael Sasson and Chief Construction Innovation officer Shalom Bellaish, Constru says it is building the future of efficiency with an AI-powered construction solution that turns captured imagery into insights for better data-driven decision making. The company says it drives efficiency on projects by providing teams the ability to get first-hand, image-based data, process it for insight, and see it in context mapped to project plans. Enabling owners, developers, and general contractors to consistently finish projects ahead of schedule and under budget, Constru boasts its customers report average reduction in overall projects costs of 2-4%.
Constru says leading Israeli construction companies like the Ashstrom Group, which is also a shareholder, and Y.H. Demari and construction companies in the US, Korea and Japan are among its clients.
