Munich-based oculai has secured €2.5m in a funding round led by High-Tech Gründerfonds.
The startup is developing AI-based tech that automates process and progress monitoring for construction sites.
Additional backers in the round include Bayern Kapital (which used funding from the REACT portion of the Bayern Kapital Innovationsfonds EFRE), as well as Axeleo Capital. The Leonard Accelerator program, the innovation incubation initiative of construction giant VINCI, also took part alongside renowned private investors.
Founded by Constantin Kauffmann (CEO), Tim Sippl (CTO) and Yannik Mack (CFO/ COO), oculai uses cameras and AI to monitor manual industrial processes. The startup was launched in 2021 after taking part in several founder programmes, such as the Digital Tech Academy, UnternehmerTUM and the Zollhof incubator.
Constantin Kauffmann, Co-Founder and CEO of oculai: “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.”
With the aid of cameras installed up high, the solution applies unique deep learning models to automatically track construction processes. Users gain access to functions including automated target/actual schedules, the automatic drafting of daily construction reports, and process KPIs. oculai helps to enhance transparency and productivity within construction projects and make planning easier, while also automating working processes for construction management.
Monika Steger, Managing Director at Bayern Kapital: “Regardless of how large or complex a construction project may be – oculai ensures users see the full picture. The team of founders has developed a unique AI solution for shell construction that is capable of massively accelerating automation and digitalisation in an industry that urgently needs it.”
Currently, the solution is primarily being utilised in shell construction, along with some initial infrastructure projects.
Dominik Lohle, Senior Investment Manager at HTGF: “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.”
With this new funding, the plan is to accelerate the adoption of the tech on construction sites.
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