Munich-based Conxai has raised €2.7m (c.£2.2m) in a pre-seed funding round to grow its no-code AI platform for the architecture, engineering, and construction (AEC) industry.
The startup’s technology aims to employ AI to unlock value from the huge amounts of under-utilised data in the industry.
The funding round was co-led by Earlybird, via its UNI-X fund, and Pi Labs. It also saw participation from A/O PropTech and Argonautic Ventures.
The funds will enable Conxai to appoint new talents, scale adoption, and broaden the platform’s capabilities.
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.
Conxai hopes that this information will help save time, money, and improve the efficiency of the construction process, freeing users from the need to create a new point solution for each new use case.
CEO Sharique Husain explains: “Conxai will make it easier for the AEC industry stakeholders to integrate and contextualise different types and formats of project lifecycle data, and transform them into actionable and reusable knowledge to make more informed decisions, faster.
“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.”
Michael Schmitt, Earlybird UNI-X partner, commented: “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.
“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 customisation that meets different customer needs without sacrificing product scalability.”
Image: Conxai co-founders CEO Sharique Husain and CTO Dr. Muralikrishna Sridhar (Credit: Martina Kurt)
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