ConTech start-up Conxai raises €2.7m for its AI platform
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- 11:23, 10 January 2022
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Germany's Conxai, the first 'no code' AI platform for the architecture, engineering and construction (AEC) industry, has raised €2.7 mln in a pre-seed funding round co-led by Earlybird and Pi Labs.
Other investors in the round include A/O PropTech and Argonautic Ventures. The funding enables Conxai to onboard new talents, scale adoption and broaden the platform’s capabilities.
Faisal Butt, CEO and Founder of Pi Labs, said: 'At Pi Labs, we support talent and promising startups that are tackling really challenging problems within the real estate and construction sectors. The timing of Conxai’s proposition is ideal, with the digital transformation of the construction industry being accelerated as a result of the pandemic.
'Conxai’s team has unique expertise in applying no code AI to deliver true data-driven operations within the construction sector at scale, delivering a huge range of benefits. This, coupled with the scale of Conxai’s market potential, is a really attractive to us and we are delighted to be co-leading their pre-seed round and support their global growth journey.'
The Munich-based start-up is led by CEO Sharique Husain, an entrepreneur who previously co-founded an AI start-up, Dive, and chief technology officer Muralikrishna Sridhar, former program head of Autonomous AI at Continental.
According to its management, Conxai is founded on the premise that a big part of the productivity problem in the construction industry can be solved by adopting a more data-driven operational approach.
Husain said: 'Conxai will make it easier for 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 jobsites 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.'
Since launch, Conxai has been piloting its solutions successfully in Germany and the USA, and has also entered into strategic partnerships with some of the leading IoT and edge-computing providers.