AI Breaking Through to Construction Industry
Although news outlets have cited the construction industry's slow adoption of technology, recent reports show contractors are opening up to the idea, specifically the use of artificial intelligence (AI). According to Construction Dive, two AI companies have received funding for their platforms, both of which were designed to improve project efficiency.
Receiving $15 million of Series A funding from capital firm Northzone, Disperse will use its AI-based platform to create a digital version of a construction project by using the project's schedules, 2D drawings, 3D models and visual snapshots. In addition to measuring a project's progress, the tool also "highlights bottlenecks and flags early warning signs of potential issues, allowing for improved delivery and standardization of best practices."
"The London-based firm estimates that superintendents and construction managers using the system spend up to 25% less time doing site walks and reporting progress, and senior schedulers spend up to 60% less time collecting data, creating progress reports and updating schedules," Construction Dive reported. "Stakeholders have also seen a reduction in the number of arguments and claims between parties during disputes and litigation, according to chief customer officer Marco Lobo."
Alice Technologies also received Series A funding in the amount of $8 million from Merus Capital, Foundamental, Blackhorn Ventures and Lightspeed Venture Partners. Alice's tool allows users to review how certain project decisions will affect its cost and duration, Construction Drive stated, current users cutting both by about 16% and 15%, respectively.
—Andrew Michaels, editorial associate