Home » AI construction optioneering platform ALICE Technologies extends Series B funding round

AI construction optioneering platform ALICE Technologies extends Series B funding round

by Liam Turner
A businessman going through company finances with a digital overlay on the image

ALICE Technologies has extended its Series B funding round by an incremental £10.5m with equity financing from Hong Kong property developer Swire Properties and a term loan from Silicon Valley-based Bridge Bank.

Alice Technologies hopes the new funding will help it to further build its team and product, whose AI aims to support general contractors and owners to plan, bid, and build large-scale industrial, infrastructure, and commercial projects.

Commenting on the announcement, Vincent See, general manager of New Ventures and Digital Transformation at Swire Properties, said: “Through construction optioneering, ALICE has a huge opportunity to change how capital projects are built worldwide, like its work on the HS2 project across the UK.

“The ALICE platform gives general contractors and owners the ability to create thousands of potential construction schedules for a project in an afternoon and then run ‘what if’ analysis on the most promising options to determine how different choices or constraints affect project outcomes.

“For an industry accustomed to developing construction plans with tools like Excel and P6, ALICE provides an entirely new level of capability.”

ALICE CEO René Morkos said: “Customers worldwide, including the UK, are putting the ALICE platform to work on projects that range from tunnels to data centres, from high-rises to oil and HS2 projects.

“As they expand the variety and number of projects they use ALICE, we must scale to meet demand.

“This additional financing from Swire Properties and Bridge Bank will help us to continue to build our team and product as we drive to make ALICE an industry standard.”

This financing extends the company’s Series B round, which ALICE announced in June of 2022 and was led by Vanedge Capital.

Additional new investors included Bouygues, Gaingels, GRIDS Capital, JLL Spark, and MetaPlanet, which joined the round along with existing investors Future Ventures, Merus Capital, and Rising Tide.

ALICE Technologies, founded in 2013 based on research from Stanford University, claims to be the “world’s first” AI-powered construction optioneering platform.

Image credit: SFIO CRACHO/Shutterstock

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