The global Proptech Venture Capital firm, Pi Labs, has led the latest investment into the AI-based analytics software Contilio to enable the global construction industry to intelligently track, predict and transform the delivery of building & infrastructure projects, with 3D AI.
The breakthrough 3D AI construction analytics platform will use the funds to onboard more customers, further advance its product & tech and accelerate its growth. This acceleration is fuelled by a c500 per cent increase in global demand for its construction progress, installation quality and risk software.
The global construction is valued at USD13 trillion. Despite pioneering a lot of technological innovation, including CAD, simulation and early machine learning applications, the building and infrastructure construction is still the 2nd least productive industry. Every year, approximately 40% of the construction value is lost in unnecessary delays, rework and waste. Increased investments in Building Information Management (BIM) and visualisation while valuable, has not done much to bridge the critical gap between construction plans and the as-built reality.
Contilio’s world-first AI platform provides actionable intelligence from 3D construction site data (Lidar/Laser scans) by intelligently classifying all structural, architectural and MEP elements and automatically comparing them with the BIM and the schedule. The easy-to-use software works seamlessly with all commercially available Lidar/Laser scanners and most recently drones. Since launching from stealth in 2019, Contilio has been used by global general contractors (e.g., Balfour Beatty), developers (e.g., Prologis) and owners (eg TUV SUD), helping them deliver building, infrastructure and data centre projects cheaper, faster and more sustainably.
On average, customers report that the Contilio platform delivers the progress and quality insights 15 times faster for 100 per cent of the construction site. This, for the first time, enables key stakeholders to automatically track construction progress, swiftly eliminate delays and installation errors, and to make smart decisions. When deployed at scale, Contilio delivers significant cost savings, better bid performance and 20x return on investment. Due to the significant reduction in construction rework and waste, CO2 emissions are reduced, helping sustainability strategies.
The next version of Contilio’s cloud-based product which will be launched soon enables the users to access the insights 24/7 from anywhere in the world with 10x better performance in terms of visualising 3D insights when compared with the likes of Autodesk. A free version will be also made available to a short-list of power users.
Zara Riahi, Co-Founder & CEO, at Contilio, says: “Construction is a pivotal part of all of our lives whether we are indoors, commuting or communicating. After spending years managing mega construction projects and investing in AI and Fintech, I realised that the 3D AI advancements would help deliver the much-needed change for an industry that I knew deserved much better.
“The Covid-19 pandemic, shortage of skilled workforce, and the growing trend for better build quality have exponentially increased the demand for data-driven insights, predictable outcomes and timely verification of installation errors. This has shifted the industry’s focus from 360 visualisation tools, to automated and scalable software, taking the value game to the next level.
“Pi Labs investment and its unparalleled access to a global network of property and construction leaders will be a great asset to Contilio as we quickly grow our customer base and advance our business in our journey to reshape the global construction industry. We look forward to working together and having a positive impact on the future of real estate and infrastructure.”
Faisal Butt, CEO of Pi Labs, says: “ESG and progression of the real estate industry have always been core to Pi Labs’ mission. Construction is a key part of that equation, where manual, costly and paper-based processes have been a core reason for wasteful errors, costly delays and significant overruns. Our research shows us that Construction is ripe for technology disruption and that Construction tech has a vital role to play as we work towards achieving net zero, optimised supply chain and efficient construction delivery.
“Contilio’s innovative solution fills a large void in terms of enhancing construction efficiency and reducing waste. Their AI software not only helps enable significant cost savings during construction, but also drives sustainability benefits and better build quality for owners and developers, enabling them to continue to reap the benefits during asset operations. That is why we at Pi Labs are delighted to be supporting Contilio’s expansion and continue to believe that Construction Tech will offer many innovations that will improve our built environment.”
Source: Private Equity Wire, Placetech.net, Property Week
For more information, please contact us at firstname.lastname@example.org.