Site managers are being dealt a second set of eyes as German start-up oculai raises €2.5 million bringing AI-based processes to the built environment.
The round was led by High-Tech Gründerfonds (HTGF) marking the 700th investment since it was founded in 2005. HTGF recently announced it had closed its fourth fund at a total value of €493.8 million.
The round also includes Bayern Kapital, Axeleo Capital, and private investors Arno Zinke, former founder and manager of Autodesk and Hexagon, Christoph Jentzsch, former founder and CEO of Slock.it and corpus.ventures, and Tobias Ortmaier, former founder and managing director of Yuanda Robotics, voraus robotik and avatera - with funding from the Leonard accelerator program.
Founders Constantin Kauffmann, Yannik Mack and Tim Sippl have brought this university research project to the commercial world as oculai in 2021 - it has now grown to a team of 20. The seed funding will further advance its technology and open more gates to the construction industry.
oculai is a digitalisation and AI solution for construction firms. Cameras provide a bird’s eye view of the construction site, logging all of the site’s processes.
“Now more than ever, the transformation of the construction industry into intelligent production systems is becoming increasingly important. That’s something we’re also seeing in the resonance our product is generating. With this fresh tailwind, we can capitalise on this momentum and make major leaps," says Constantin Kauffmann, Co-Founder and CEO of oculai.
Project progress and delays are recorded against schedules and targets producing daily reports on the real time activity on site. At present, the solution is primarily being utilised in shell construction, along with some initial infrastructure projects.
“oculai has already secured a number of prominent customers with its AI technology, and we are proud to be a part of their journey towards delivering a leading computer-vision solution for the construction industry. Customers confirm that oculai offers significant efficiency gains and will revolutionise the way the industry works,” said Dominik Lohle, Senior Investment Manager at HTGF.
“Construction is among the least digitalised industries due to harsh onsite environment and complicated workflow, making change management challenging. Oculai generates a return on investment from day 1 with a seamless and turnkey solution helping site managers to optimise their workflow and produce useful data, improving the learning curve from one project to another,” said Mathias Flattin, Partner & Managing Director Axeleo Capital.