Procore Technologies, Inc., a Carpinteria, Calif.-based provider of construction management software, acquired INDUS.AI, San Francisco, CA and Toronto, Canada-based maker of an artificial intelligence-powered analytics platform for the construction industry.
The amount of the deal was not disclosed.
Procore plans to integrate INDUS.AI’s capabilities to add computer vision capabilities to the platform. In the interim, INDUS AI’s solutions will not be commercially available to new customers.
Led by Matt Man, cofounder and CEO, and Navin Kaminoulu, cofounder and COO, INDUS.AI provides an AI engine that learns from project management platforms, cameras, sensors, drawings, building information models, schedules, and more — to create observations, recommendations, and alerts for project teams to make data-driven decisions. Its solutions are used to track and review construction progress, ensure safety and compliance, gain real-time project visibility, view labor deployment, minimize equipment idle time, and resolve claim disputes.
Every day, INDUS.AI monitors over 100 million square feet of construction sites with its AI engine detecting anomalies and progress. It has been trained with millions of images and videos specific to construction, and is able to identify more than 70 metadata labels per image. The INDUS.AI acquisition builds on Procore’s acquisition of Avata Intelligence in 2020, which brought world-class AI talent to Procore and is delivering smart automation solutions and predictive insights to Procore customers.
Led by Tooey Courtemanche, founder and CEO, Procore is a provider of construction management software. The platform connects every project stakeholder to solutions they have built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. The company’s Marketplace has a multitude of partner solutions that integrate with its platform.
FinSMEs
10/05/2021