Platform turns construction site video, images, and data into actionable insights
SAN FRANCISCO--(BUSINESS WIRE)--INDUS.AI, a construction software company using computer vision to track and analyze construction project performance in real-time, announced today that it has received an $8 million Series A investment led by Millennium New Horizons with additional participation from strategic investors Foundamental and Groundbreak Ventures. Previous investors Spero Ventures, UP2398, and Bootstrap Labs also joined the round. The new funding will be used to accelerate product development and expand sales, marketing and customer success services.
“The construction industry has been a neglected space for too long. This country expends extraordinary energy and capital to build amazing things - tunnels, train stations, skyscrapers and stadiums. But the sad truth is that the vast majority of those projects are painfully over-budget and delayed,” said Matt Man, CEO and co-founder.
“The builders on the ground have long been an easy target to blame; but at INDUS.AI, we contend they’ve been dealt an impossible task. A construction site features endless combinations and flows of people, equipment and material. Tracking it all manually with any kind of precision is simply beyond human capacity. We built INDUS.AI to serve as the extra set of highly intelligent, highly accurate eyes for the site manager and the real estate developer. INDUS.AI is the only platform available to construction developers and project managers that allows for real-time collection and proactive analysis of on-site data. The ability to make faster and more accurate decisions in an informed data-driven manner is what keeps $30M or larger projects on time and on budget.”
INDUS.AI utilizes a patent-pending custom neural network trained with images and video streams from close to 100 million square feet of construction sites across the globe to identify inefficiencies and risks that could lead to unexpected delays, cost overruns, or safety compliance issues. The INDUS.AI solution provides real-time data analytics and insights for owners, developers and project leaders to more effectively manage construction projects.
“Construction is one of the most underinvested areas when it comes to AI,” said Ray Cheng, Partner at Millennium. “Massive volume of data gets generated every day but there is no robust mechanism to capture, organize and make sense of such data. The INDUS.AI team’s expertise in computer vision coupled with their deep understanding of the challenges and inefficiencies in this industry have allowed them to develop a highly scalable offering to automate analytics and reporting, which in turn drive more intelligent decisions.”
INDUS.AI recently was awarded a 2019 AI Breakthrough Award as the “Best Object Recognition Solution.”
For more information on INDUS.AI, please visit http://www.indus.ai.
INDUS.AI is the world’s most advanced construction intelligence solution that enables real estate investors, owners, developers and general contractors to have real-time visibility and actionable insights into all activities, productivity and risks at their construction sites. INDUS.AI seeks to make construction sites and projects safer, more efficient and completely transparent.
About Millennium New Horizons
Millennium New Horizons is the latest fund launched by Millennium Technology Value Partners to focus on the firm’s pursuit of advanced technologies such as Artificial Intelligence, Autonomous Driving, Drones, Robotics, Sensors, and Big Data that are increasingly shaping the future of work, business, and life. Over the past seventeen years Millennium has invested in more than 85 extraordinary companies, including Facebook (FB), Alibaba (BABA), Twitter (TWTR), Spotify (SPOT), Pinterest, Zappos (AMZN), Chegg (CHGG), Fair.com, Aaptiv, PrecisionHawk, Blackmore Sensors & Analytics, Deep Instinct, May Mobility, LegalZoom, Jumio, NetSpend (TSS), Pentaho (HDS), Sunrun (RUN), LifeLock (SYMC), ArcSight (HPQ), Tellme (MSFT), HauteLook (JWN), Tumblr (YHOO), Wayport (T), PlaySpan (V), Epocrates (ATHN), and many others. The firm’s portfolio companies have achieved 56 IPO and M&A events to date. For more information see: www.MTVLP.com