AI Clearing, the AI-powered Progress Tracking and Quality Control Platform for the Construction Industry Announces a $14mm Series A Led by Prudence
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AUSTIN, Texas, October 02, 2023-- AI Clearing, the AI-powered autonomous construction progress tracking and quality control platform, today announced its $14 million Series A funding round led by Prudence with participation from FJ Labs as well as existing investors Tera Ventures, Inovo, and Innovation Nest.
AI Clearing’s technology enables contractors, owners, and lenders to accurately track construction progress and quality in real time, which is impossible without artificial intelligence. This pain point is particularly acute in AI Clearing’s core market of large infrastructure projects such as utility-scale solar, railways, roads, pipelines, airports, industrial, and power transmission lines. They typically have budgets in the hundreds of millions of dollars, with millions of items to be constructed or installed on-site. Before AI Clearing, these large sites were tracked manually, with 5-10% sample area covered monthly. This was insufficient for accurate project control and often resulted in substantial budget overruns, delays, and disputes between the involved parties. AI Clearing’s technology is fully automated and compares the on-site progress to the design, budget, and schedule.
"This funding round positions us to capitalize on the digital transformation of construction project management. In the past 12 months, we have achieved 15x revenue growth. This new financing enables us to expand our sales and client success teams across the United States, Western Europe, and the Gulf region," remarked Michael Mazur, CEO and Co-Founder of AI Clearing. "We are enthusiastic about our collaboration with Prudence, an investor who has demonstrated a deep understanding of both our technology and industry and who shares our vision of becoming the category leader in autonomous project control."
The infrastructure construction market is massive, with over $4.5 trillion in annual spending globally, and is served by many of the largest construction firms in the world. AI Clearing already partners with 5 of the 20 largest companies on multiyear contracts, including Bechtel and PCL, which uses the platform across all its solar projects in North America and Australia. Additionally, the platform is easy to adopt and fits seamlessly into existing industry workflows, including through an integration with Oracle’s Primavera P6 platform, the most widely used scheduling software for construction.
“Our AI is proprietary and unique. This has allowed us to build the best technology in the industry, provide real-time insights, and drive strong operational efficiencies for our customers,” says Adam Wisniewski, CTO and Co-founder of AI Clearing. “From the napkin idea phase, we knew that industry-specific, daily data combined with the ability to ingest and compare against project designs and schedules would be fundamental for us to build our AI. We spent three years building and optimizing our technology to ensure it was right. Our large and unique training data and proprietary AI engine enable us to achieve unparalleled accuracy and processing time - both critical to our customers.”
At the macro scale, the infrastructure construction market is growing at a 5-6% rate annually as the sector proved to be recession-immune. The growth will continue, fueled by the energy transformation (utility-scale solar) and state-led infrastructure investments. However, what started to be a challenge was the availability of quality and supervision engineers – over the last two years, twice as many were retiring from the construction industry than coming in. AI Clearing platform also solves this challenge, allowing the delivery of more projects with the same number of supervision personnel and with the higher quality.
“Owners and contractors on large infrastructure projects face large potential liabilities due to project delays or poor quality leading to reworks. These issues can lead to tens of millions of dollars in cost overruns and disputes,” said Jordan Viniar, Partner at Prudence, who will join the Board of Directors. ”AI Clearing has developed the best-in-class and most technical solution to a problem that cannot be solved with people and processes. The construction industry is actively adopting solutions to these significant and unmet needs, which is why AI Clearing has earned the trust of many of the industry’s largest and most sophisticated companies.”
About AI Clearing:
AI Clearing is an innovative AI company dedicated to transforming the construction industry through the power of artificial intelligence. With cutting-edge solutions designed to enhance construction project efficiency and outcomes, AI Clearing is revolutionizing how construction projects are managed and executed. Learn more at www.aiclearing.com
Prudence is an early-stage venture capital firm investing in technology companies leading the global transformation of the real estate sector. Prudence is an early investor in companies such as Casafari, Compass (COMP), CREXi, Evernest, Hemlane, Maxwell, Propify, Salus, Sundae, and VendorPM. The firm is headquartered in New York City. Learn more at www.prudence.vc.
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