Focusing on the architecture, engineering, and construction industry, Munich’s Conxai has raised €2.7 million in a pre-seed funding round. The startup aims to employ AI to wrangle the mountains of under-utilised data in the AEC field and convert it into trillions of dollars in new economic value. The pre-seed funding is expected to be used to continue the development of the platform, promote industry-wide adoption, and bring new talent to the team.
With an estimated 90% of the data generated during a construction project going unused and up to 30% of the project data lost by the time said project is finalised, there’s a whole lot of reinventing of the wheel going on.
This is exactly the problem that Conxai is aiming to tackle, primarily by putting the power of a no-code solution in the hands of every player involved in the AEC industry process. The startup is employing 3rd generation “Explainable AI (XAI)” and uses transactional, sensor, and historical project data to produce a series of descriptive and prescriptive analytics. Armed with this knowledge, Conxai customers are freed from the need to handcraft a new point solution each time a similar project is embarked upon.
“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,” explains CEO Sharique Husain. “Use cases would be far-reaching, from enhanced job site visibility to delivering actionable insights for decision support and, in future, enabling autonomy in machinery and robotics.”
“We see a tremendous appetite in the construction space for deeptech solutions. Given traditionally lengthy sales cycles, now is the time to use game-changing technology for impact. Conxai is in the perfect position to do so,” commented Earlybird UNI-X partner Michael Schmitt. “The founders Sharique and Krishna have a compelling product vision facilitating a multitude of use cases to improve aspects like efficiency, compliance, safety, and reporting on modern construction sites. Their no-code explainable AI approach allows for customization that meets different customer needs without sacrificing product scalability.”