Billd, a company specializing in payments for commercial construction subcontractors, has received a patent for its project-based credit evaluation method. This innovation assesses credit offers by evaluating the specific project where the credit will be applied.
The firm initially introduced financial products to address issues in the repayment chain for subcontractors within the $1.5 trillion construction industry. Billd's offerings include extended terms on materials and immediate advances on approved pay applications, aiding subcontractors in maintaining liquidity for their projects. The new patent is seen as a significant step in enhancing and safeguarding Billd's market influence.
Subcontractors have traditionally faced challenges with financial institutions due to limited collateral and lengthy payment cycles. By considering both project and business-level creditworthiness, Billd aims to provide more accurate risk assessments and better financial support.
The patented method involves electronically receiving project contract information, analyzing project attributes, and verifying these details through online data sources. It calculates a project's credit score to determine its credit capacity, thus enabling subcontractors to procure necessary materials for their projects.
Chris Doyle, CEO of Billd, stated: “At Billd, we believe subcontractors deserve financial solutions that align with their specific needs. This patent deepens our commitment to expand subcontractor access to financing and protects our intellectual property, verifying our first-to-market technology.”
A machine learning component enhances the method's speed and efficiency by reducing manual effort typically required in project assessments. It learns from past projects to improve risk assessment related to working capital needs for specific projects. The system continuously updates based on new information using artificial intelligence-powered learning.
This development strengthens Billd’s portfolio of intellectual property through patents and trade secrets. Represented by Polsinelli Law Firm, the company plans to use its patent portfolio to protect its intellectual property while expanding its innovative payment and financing solutions.
For further information or media inquiries, contact Anath DiPillo at anath@billd.com.