Thursday, February 2, 2017

EquipmentShare is Changing the Construction Industry

EquipmentShare, dubbed the “Airbnb of construction rentals”, is an equipment rental company that list’s a wide inventory of contractor’s un-used equipment, and looks to match them with another contractor in need of that piece of equipment.  They safety-test the equipment they rent out and are quite a bit cheaper than commercial rental companies.  Recently, they have developed a telematics system that provides contractors with a plethora of data regarding their equipment, including its location, utilization, and maintenance costs.  This new technology comes just in time, as the Federal Motor Carrier Safety Administration is soon imposing a mandate requiring equipment handlers to log and track their run time.

                The concept is simple enough.  Plenty of systems exist that enable a contractor to track the location of their equipment.  The EStrack systems goes so much further than that.  In the works for the company, is a predictive analytics system.  This system would work by comparing data taken from the EStrack system on a particular piece of equipment and compare it to a database of records for the same equipment, alerting to needed maintenance.  This would add so much cost-saving to contractors.  When a crane or other large piece of equipment breaks down on the job, it can delay work for a few days or more, especially if the work is in a remote area.  By adding this technology to their equipment, job sites could be run more efficiently, being completed on schedule and with less added costs.  EquipmentShare could have simply focused on their rental business, however developing this telematics system adds so much value to the company.  Those who have invested so far, including Romulus Capital, Insight Venture Partners, and Y Combinator, realize how much possibility this new technology has.  Extend its use outside of the construction industry, and its market is exponential.  With a market limited to the United States and New Zealand so far, its potential in a world-wide setting is very exciting.  Logistics managers, rail operators, and trans-ocean liners would be prime candidates for using this technology.  It would be a shame if this company did not realize its potential for growth into other industries besides construction.  There is no reason it could not succeed in healthcare, manufacturing, transportation, or agriculture.  With that said, this company seems to have a good plan for the future, and plenty of funding to help them along the way.  The EStrack system is a truly impressive technology, and I would recommend taking a look at it.  So much potential exists for this company.

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