Adding AI to the Construction Industry, Munich’s Conxai Raises $3M

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

The startup said it’s on a mission is to help the architecture, engineering, and construction (AEC) industry use AI to capture piles of underutilized data and transform it into trillions of dollars in economic value. The firm provides the sector with No-Code AI, which is designed to accelerate digital transformation and help close the productivity gap.

The latest round of funding was co-led by Earlybird and Pi Labs, with other investment companies including Argonautic Ventures and A/O PropTech participating.

Conxai is likely to use the cash to continue development of the platform, promote its adoption throughout the industry and add staff to the team.

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

The German company said 90% of the data generated during a construction project goes unused and nearly one-third the project data is when the project is complete.

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

Read more: ‘Assembly Line AI’ Helps Developers Build Products Faster

The AEC sector is not the only industries looking to AI for assistance. Last spring, PYMNTS reported assembly-line production, as in the automobile manufacturing are also jumping to AI.