Conxai has just raised €2.7 million to continue the development of one of the first no-code AI platforms for the AEC industry. The fresh funding for the Munich-based startup was co-led by Earlybird and Pi Labs. Other investors include A/O PropTech and Argonautic Ventures.
Founded in 2020, Conxai, founded by CEO Sharique Husain and CTO Dr. Muralikrishna Sridhar, was created on the premise that a big part of the productivity problem in the construction industry can be solved by adopting a more “data-driven operations” approach.
AI is certainly one of the most fashionable trends in the tech scene at the moment, and now it’s coming to construction.
The construction industry is no stranger to data – the problem is much of the data is under-utilised. Conxai estimate that 90% of the data generated during construction remains unused and up to 30% of the project data is lost by project closeout, resulting in massive knowledge loss. The effective and timely use of data can unlock hundreds of billions of dollars in new economic value. AI holds the key, but currently, conventional AI approaches are limited in applicability, scalability and affordability.
This is where Conxai finds its niche. The young startup is building its platform with advanced 3rd generation “Explainable AI (XAI)” that uses transactional, sensor and historical project data, and different forms of knowledge to generate descriptive and prescriptive insights, tackling multiple use cases within construction at once, without the need to handcraft a new point solution for each new use case.
With a no-code design, the platform offers far-reaching potential that can be used by even non-tech minds to configure and scale AI-powered analytics solutions in HSE, Logistics and Quality. It’s doing so at a much faster pace and at the fraction of the cost of conventional approaches.
Sharique Husain, CEO of CONXAI, said: “CONXAI will make it easier for the AEC industry stakeholders to integrate and contextualize different types & formats of project lifecycle data, and transform them into actionable & 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 & robotics. Our mission is to turn the huge volume of under-utilised AEC data into trillions of dollars in new economic value, cut wastes and create a safer & more sustainable future for the industry.”
The funding boost will enable Conxai to onboard new talents, scale adoption and broaden the platform’s capabilities – all crucial parts of the company’s mission to turn under-utilised AEC data into economic value, cut waste and create a safer and more sustainable future for the industry.
