By adding AI to construction, Conxai raises $ 3 million

Noting that the construction industry is one of the “least digitized” industries, based in Munich Conxai raised 2.7 million euros ($ 3 million) to harness artificial intelligence (AI) for the industry, EU-Startups reported.

The startup said it was on a mission to help the architecture, engineering and construction (AEC) industry use AI to capture underutilized stacks of data and turn them into billions of dollars in economic value. The company provides the industry with code-free AI designed to accelerate digital transformation and help close the productivity gap.

The last round of funding was co-led by Earlybird and Pi Labs, with participation from other investment firms, including Argonautic Ventures and A / O PropTech.

Conxai is likely to use the money to further develop the platform, promote its adoption across the industry, and add staff to the team.

Founded by CEO Sharique Husain and CTO Muralikrishna Sridhar, the company was established on the premise that the productivity problem in the construction industry can be solved through a data-driven approach.

The German company said that 90% of the data generated during a construction project is not used and that almost a third of the data in the project corresponds to the end of the project.

“Conxai will make it easier for AEC industry stakeholders to integrate and contextualize different types and formats of project lifecycle data and turn them into actionable and reusable knowledge to make smarter, faster decisions.” , Husain explained.

Read more: “Assembly Line AI” helps developers create products faster

The AEC sector is not the only sector asking for help from AI. Last spring, PYMNTS reported assembly line production, such as in the automotive sector, which is also moving to AI.

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