Converge, an AI-based construction technology company, has raised over £15m in a Series A funding round led by OGCI Climate Investments (OGCI CI), a specialist decarbonisation investor.
The round also saw participation from TO Ventures and existing investors.
The London-based startup aims to use the fresh funding to help digitise, optimise, and decarbonise construction materials and processes.
Raphael Scheps, CEO of Converge, said: “We are excited to partner with OGCI Climate Investments, which has led this round as a value-aligned, strategic investor.
“Since 2016, Converge has been developing and scaling innovation solutions to power the digital transformation of the construction industry.
“Together, we will drive transformative progress in the decarbonisation of the sector, effectively bending the cost and carbon curve simultaneously, and offering products that will be “must haves” as stakeholders demand sustainable solutions to build the future.”
ConstructionDNA, Converge’s AI-based construction optimisation platform, digitises the physical reality of construction using sensors embedded throughout the jobsite.
The startup has focussed its initial efforts on concrete, which is responsible for 8% of all greenhouse gas emissions globally.
ConstructionDNA’s concrete module predicts when concrete will reach strength with greater than 95% confidence, speeding up build times by up to 30% and driving the transition to carbon efficient concrete, the company said.
Mike Bishop, Investment Director at OGCI Climate Investments, said: “We have identified the decarbonisation of cement and concrete amongst the critical pathways for achieving meaningful near-term emissions impact.
“Converge’s highly scalable and easily adopted digital solutions can deliver that impact across the construction sector. We look forward to working with the team as they grow.”
Converge’s ambition is to reduce average cement content in concrete by 15%, estimating a 26 megaton carbon emissions reduction per year by 2030.
Converge is currently expanding its suite of modules to include the optimisation of construction logistics and structural health.
Main Image: Converge founders Raphael Scheps (left) and Gideon Farrell (Credit: Converge)
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