The construction sector is often characterized by a disconnect between management and on-site activities. With numerous responsibilities, including budget management, stakeholder communication, and risk assessment related to contractor performance, it can be challenging for managers to maintain a clear view of ongoing projects.
To address these challenges, a new player in the market is leveraging artificial intelligence and computer vision technology.
Established in 2018 by a trio of innovators, this Chicago-based startup has developed a cutting-edge platform that monitors construction progress through images captured by 360-degree cameras attached to hard hats worn by site managers. This system not only observes current conditions but also predicts future outcomes. Teams can interact with a chatbot to inquire about project statuses and utilize a predictive tool that identifies potential delays or pacing issues, helping to avert costly setbacks.
According to the CEO, this technology is a game-changer for site managers, construction executives, and other stakeholders. It empowers them to make data-driven decisions based on accurate, measurable information rather than relying on sporadic updates from various sources, which may vary in reliability.
To further enhance its capabilities, the company has successfully secured $45 million in a Series D funding round, led by a prominent investment firm, with contributions from several other investors. This latest funding round brings the total capital raised to an impressive $166 million.
The CEO indicated that the new funds will primarily be allocated to expanding the platform’s offerings to encompass additional phases of the construction lifecycle. The goal is to utilize historical data to train AI models that will benchmark and optimize project performance effectively.
This startup is not alone in its mission to integrate AI into the construction industry. Other companies are also exploring similar technologies, focusing on various aspects of construction management and design.
With a workforce exceeding 230 employees, this company is among the larger entities in the construction tech space and is poised to expand its operations in North America this year, particularly in research and development.
The CEO emphasized that their unique approach, centered on operational efficiency and performance management, sets them apart in the market. The recent funding not only accelerates their initiatives but also signifies that the industry is ready for the transformative changes they are introducing.