Munich-Based Conxai Raises €2.7M For Its No-Code AI Platform
With aim to make no-code AI platform available to AEC industry, Munich-based Conxai raises €2.7M in latest funding round.
Artificial intelligence is no doubt becoming one of the most fascinating trends these days. And now it has come towards construction as well. To enhance the role of technology and specifically Artificial Intelligence, Conxai has raised €2.7 million.
Earlybird and Pi Labs led the latest funding round. However, other investors which included A/O PropTech and Argonautic Ventures also participated in the funding round.
The construction industry is one of the technologically impoverished industries. The founders of the company Conxai founded the company in 2020 with the aim to automate tasks and solve problems by adopting a more “data-driven operations” approach. Because the blend of artificial intelligence and data science can be adopted to enhance the intelligence of automated operations. This is the reason that businesses are adopting AI technology in businesses to improve their operations.
There is no doubt that construction industry deals with a lot of data. But the problenis that most of the data is under-utilised. As per estimation of Conxai, 90% of data during construction remains unused and up to 30% project data is lost by project closeout. It significantly indicates the amount of knowledge loss that it results in.
An effective and timely use of data can unlock hundreds of billions of dollars in new economic value. Although AI is the key to unlock these things but conventional AI is not well equipped and scalable enough for this. This is where Conxai is playing its amazing role.
The platform 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.
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.”
Story Credits: Eu-Startups