Today we are launching Boom —a modern, AI-powered platform that helps sureties extract and analyze data from contractor Work in Progress (WIP) reports. Designed and built by our team in New York, San Francisco, and Atlanta.

A Work in Progress report is a construction accounting statement that conveys the financial position of a contractor's active projects. Given a single project can significantly influence the credit risk of a construction company, sureties study these statements carefully when underwriting a contractor for surety bonds. 

A single surety can process hundreds or thousands of these statements quarterly and it's very time consuming — that's why we built Boom. Instead of spending hours manually entering WIP data and modeling project trends, sureties can now complete the same analysis in just a few minutes. 

Here’s how Boom works:

1. Upload contractor WIPs in Excel or PDF Format

2. AI extracts the data and helps identify any accounting errors

3. Projects are automatically linked across multiple WIP periods

4. Visualize project trends, including profit gain/fade 

5. Send WIP data from Boom to your existing surety system via integration

We are launching with three flagship customers: two publicly traded companies and one private surety. Together, they represent over $350M in contract surety premium — roughly 5% of the North American market.

We are excited for you to try Boom and share your feedback as we innovate together. 

Sincerely,

The Boom Co-Founders
Alex, Lee, and Matthew