Indus.ai, an advanced construction intelligence-as-a-service solution, announced its $3.7 million Seed Round of financing led by Pierre Omidyar’s UP2398. The new round of funding will be used to accelerate product development & engineering, marketing and sales.
indus.ai utilizes a patent-pending custom neural network trained with over a million images and videos from construction sites across the globe to specifically understand construction equipment utilization, productivity and identify inefficiencies that could lead to surprise unexpected delays, cost overruns, or compliance issues. The solution provides real-time data, analytics and insights for owners, developers and project managers to more effectively manage their construction project. Some of the benefits include increased transparency, efficiency and safety, lowering risks, surprises, claims, cost overruns and schedule delays.
“indus.ai is here to make sure the next generation of construction projects are done efficiently and effectively. We want to ensure that as our populations expands, we have the infrastructure to support it,” said Matt Man, CEO and co-founder of indus.ai.
The artificial intelligence-driven solution seeks to tackle the billion dollar construction industry in the U.S. by reducing the amount of time spent on data collection. The solution is incredibly easy to integrate into new or existing construction projects, utilizing a “plug-and-play” application.
"The commercial real estate development and construction industry is ripe for disruption and we believe indus.ai can help lead the way. The Indus.ai solution addresses data challenges, provides real-time insights and accelerates the digital transformation using artificial intelligence, computer vision and machine learning. We’re excited about the positive early feedback from customers and industry partners.” said Randy Ching, co-founder of UP2398.