Indus.ai today closed an $8 million series A round for its construction project computer vision solution, which delivers real-time insights to project managers.
The startup uses images and video footage from nearly 100 million square feet of construction sites to train an AI system that helps builders monitor the pace of progress on construction projects, ensure safety compliance, and reduce inefficiencies.
The new funding will be used for product development and to growth the company’s marketing and sales teams.
“We call ourselves Indus because it’s industrial AI and we see a huge opportunity in continuing to push forward on safety and productivity for industrial spaces,” Indus.ai CEO Matt Man told VentureBeat in a phone interview.
Indus.ai also focuses on helping companies digitize data for an industry that often looks to manual methods to gather project data, Man said.
Major construction companies around the world are increasingly turning to technology to reduce construction project delays and accident costs. The 2019 KPMG global construction survey of executives at major construction companies found that more than 60% plan to use real-time models to predict risks and returns within the next five years.
Indus.ai competes with a range of companies also interested in using computer vision in industrial environments — from Microsoft’s push to monitor factories for safety compliance to Autodesk computer vision for safety compliance.
The $8 million round was led by Millennium New Horizons, with participation from Foundamental, Groundbreak Ventures, Bootstrap Labs, and Spero Ventures. Indus.ai has raised $11.7 million following a $3.7 million seed round last year.
In other construction tech news, earlier this week Fieldwire raised $33.5 million to help businesses digitize construction site data.