Billd has successfully been issued a patent for their project-based credit evaluation method. This method determines credit offers for subcontractors by assessing the project on which the credit will be used.
Billd provides extended terms on materials as well as immediate advances on approved pay applications, helping thousands of subcontractors establish the liquidity they need to work on their commercial projects. By evaluating creditworthiness at the project as well as the business level, Billd can appraise risk and offer financial support.
The patented method involves receiving project contract information electronically, analyzing project attributes and using online data sources to verify and expand these details. The method then calculates a credit score for the project which determines a credit capacity. This method opens up purchasing power for subcontractors that meets their needs for procuring material on a commercial construction project.
"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," said Chris Doyle, CEO of Billd.
The machine learning component of the method enhances its repeatability and eliminates the manual effort that project assessments would have typically required. The method can also learn from past projects to become better at determining potential risks associated with working capital for a specific project. It continuously updates its understanding based on new information and adapts its recommendations accordingly using artificial intelligence powered learning.
This issuance has further solidified Billd's growing portfolio of intellectual property through patents and trade secrets. The company was represented by Polsinelli Law Firm and will leverage its patent portfolio for protection of its intellectual property, and for the expansion of its innovative, first-to-market payment and financing solutions.
