Share this article on:
All Startup News in Korea (Korean Startup News) wowtalk

[Korean Startup Interview] Timwork: A Smart Construction Management Platform for the Korean Construction Industry

2023-10-16 7 min read

author:

[Korean Startup Interview] Timwork: A Smart Construction Management Platform for the Korean Construction Industry

Reading Time: 7 minutes

Timwork has developed a smart drawing integration and management SaaS solution called “TimView” to improve the construction work environment. In “TimView,” users can easily track changes and conflicts in drawings that are being modified by different teams. It offers various features tailored for the construction environment, including drawing creation and location-based notes. Recently, their technology was recognized and adopted by Lotte Construction as a pilot program.

Timwork, which specializes in architectural design, was founded by Wook-chan Jeong, who noticed the challenges in construction sites. Jeong prioritized the practical application in the field, leveraging his experience from various construction sites, including architectural offices and construction companies.

Jeong explained that their service is designed to be used in the field without internet, taking into account the unique work practices of the construction industry. He emphasized that their service provides easily accessible information for anyone, regardless of their expertise, by recognizing location and text for searching.

Moreover, Jeong mentioned that they encourage free usage of their service at this point since many construction sites have struggled with digital transformation for over a decade. Unlike many other systems that require 3D drawings, Timwork’s solution can achieve everything with 2D drawings, which he believes are more intuitive and user-friendly when viewing maps.

Currently, Timwork’s “TimView” has been adopted in 15 construction companies and over 30 construction sites. They are planning to expand into the Southeast Asian market and have been selected as part of the “Smart City Startup Vietnam Entry Program” organized by The Invention Lab, as part of the Global Market Expansion Program (GMEP) supported by the Korea Institute of Startup & Entrepreneurship Development (KISED). They are also planning to implement their services in Lotte Construction’s overseas smart city projects and showcase their competitiveness in the Vietnamese market in October and November.

Timwork is currently in the process of securing pre-Series A investment. Jeong believes that their service is a practical digital solution that can be applied in construction sites and is confident that, with investment, it can quickly gain traction. He also emphasized the need for funding to support research in this field, as many construction companies and organizations aim to digitize their past records through digital modeling.

Resolving Information Asymmetry in Construction Sites with Data

Information asymmetry is a significant problem in construction sites. The vast amount of information that needs to be confirmed on-site inherently differs between those who create the information and those who use it. Moreover, the quantity of information that needs to be seen varies from a few thousand to tens of thousands of documents, and collaboration with multiple parties is essential.  In the construction industry, where we always build new buildings with new people in new places, this issue operates as a significant pain point.

Additionally, the construction industry in South Korea is aging, and the average age of technical personnel continues to rise. Even large companies have a workforce structure resembling an inverted pyramid, and it’s crucial to record the industry’s know-how now.

Timwork possesses image recognition and design document information modeling technology. We have developed a location-based data search system that allows users to find information even when they don’t know the name of the data, which addresses one of the key reasons why it’s challenging to find information in construction sites. Timwork aims to turn construction sites into smart places where data-based decision-making is possible.

Updating Data Within the “Golden Time” with In-House Developed Technology

Many attempts have been made to introduce digital technology to construction sites to address productivity, quality, and safety issues. However, many of these services require an internet connection, which is often unreliable on construction sites. Timwork has developed a service that can be used in offline environments, making it an essential tool for construction professionals.

Moreover, implementing services like BIM (3D design), various digital scanning, and the use of robots and drones requires extensive preliminary work. Timwork, on the other hand, can work with existing design drawings, allowing anyone to access digital decision-making and work information without additional training.

Construction plans are not always perfect when they begin. During construction, thousands of data changes occur dozens or even hundreds of times. Adapting digital services to these changes presents practical difficulties. Timwork’s proprietary image recognition technology and design document modeling technology allow them to update data within the “golden time.” Unexpected situations, such as encountering bedrock while excavating or dealing with waste materials or various other issues, often impact construction projects. Timwork organizes digital information based on location to enable visual analysis of changing construction sites.

Smart Drawing Integration and Management SaaS, ‘TimView’

Timwork offers two primary services, TimView, a drawing viewer based on design drawings, and CINK, a product for managing on-site photos systematically.

TimView processes design drawings through image recognition, providing real-time visual information for on-site use. Since its beta service in 2021, it has been adopted at over 30 construction sites in South Korea. Through customer feedback, internal process improvements, and machine learning research and development, they have increased productivity by over 100% compared to 2021, allowing them to serve more construction sites.

CINK is a product that makes it convenient and systematic for anyone to manage photos taken on-site. It allows sharing photos of team members with minimal cost and easy report generation with a single click. CINK is currently undergoing beta testing at all construction sites in the fourth quarter.

Targeting the KRW 200 Trillion Korean Construction Market

Timwork’s products and services are aimed at the domestic construction market, which is valued at over KRW 200 trillion. The construction market is a core industry that employs more than 570,000 construction managers and over 2 million construction workers.

Our primary target customers are construction companies and ordering agencies. It is estimated that KRW 1 trillion of the KRW 2 trillion spent on construction safety management expenses is a market accessible to smart construction services. Additionally, based on design drawings and data, the cost of establishing design documents for constructing 2.5 million houses by 2027 is estimated to be KRW 25 billion.

Timwork is systematically developing a variety of services needed on construction sites, primarily based on drawings and on-site records. We offer a business model with SaaS billing and annual fixed-price contracts.

The SaaS billing model is based on usage and functionality through site-based contracts. The annual fixed-price contract model involves a yearly agreement with construction companies and ordering agencies.

While specific amounts are not disclosed, Timwork is committed to providing cost-effective services that can bring about significant changes in the construction industry and accelerate its normalization.

Impressive Achievements Based on Expertise in the Smart Construction Sector

As an early-stage startup and a construction technology (ConTech) startup, Timwork has achieved significant milestones:

We were selected for various government support programs, including Pre-Startup Packages, Early-Stage Startup Packages, R&D support, TIPS (Tech Incubator Program for Startups), and Dcamp d·day.

We received recognition in external events and awards, such as the 2021 K-Startup Grand Challenge Excellence Award, Credit Guarantee Fund Nest 10th Tech Excellence Award, Shinhan Open Innovation 4th Tech Excellence Award, and Korea Creative Content Agency Demo Day Excellence Award.

Timwork collaborates with numerous construction companies, applying our services at 34 different sites of major construction companies, including Daewoo Construction, DL E&C, GS Construction, Lotte Construction, Hoban Construction, DL Construction, and Taeyoung Construction. We are also working with various ConTech startups like InforSide, Parallel Space, FlexiCity, and Papaya.

We are continuing collaborations such as conducting tests and signing MOUs with institutions like LH and GH.

Teamwork is developing services applicable in the field as a representative team that has gained experience in smart construction, particularly through work in architectural firms, construction companies, and engineering firms, and develops services directly without outsourcing. We are a team committed to creating essential services that construction companies, clients, contractors, designers, and specialized construction firms want to use, even in construction sites that are averse to adopting IT.

Reasons why we should receive investment!!

First, we are the only team that creates services that are needed in the construction site. Timwork has a deep understanding of the construction site, possesses technical expertise and data, and uses these foundations to provide services that enhance the efficiency and safety of work in the construction site.

Second, our services have already been adopted by numerous construction companies. Timmwork’s services are already in use by companies such as Daewoo Construction, DL E&C, GS Construction, Lotte Construction, Hoban Construction, DL Construction, and Taeyoung Construction. Many sites are eager to use our services, and we have distributed a total of 58,363 drawings and provided 333,947 pieces of information. This is clear evidence that Timwork’s services are essential for the construction site.

Third, our service is capable of going global. Timwork’s service can provide knowledge-based services using design blueprints alone. Considering that the construction industry is a global industry, our service has the potential to succeed in the global market.

What are the plans for entering the Vietnamese and global markets?

We are planning to apply our services to Lotte Construction’s Ho Chi Minh Thu Thiem Smart City project through a business trip to Vietnam. Ho Chi Minh Thu Thiem is a city that has drawn significant interest from many domestic construction companies and can potentially assist in attracting domestic construction businesses.

Timwork is also highly interested in projects in Saudi Arabia and not just limited to Southeast Asia, including Vietnam. Since domestic collaborating organizations are already engaged in these projects, we are continuously making efforts to create opportunities in this regard.

[Korean Startup Interview]

와우테일 편집팀입니다. 국내외 스타트업 생태계 소식과 창업자-투자자의 깊이 있는 이야기를 빠르게 전하겠습니다.
Leave a comment

댓글 남기기