AI Clearing, an Austin-based startup using artificial intelligence to transform construction project management, announced today it has secured $14 million in Series A financing.
The round was led by Prudence, an investment firm focused on construction technology, with participation from existing AI Clearing investors Tera Ventures, Inovo Ventures, and Innovation Nest.
AI Clearing offers an AI-powered construction analytics platform that provides real-time progress tracking and quality control for large infrastructure projects. The company's proprietary computer vision technology analyzes drone-captured imagery to monitor construction sites, comparing actual progress to project designs, budgets, and schedules.
This enables general contractors, owners, and lenders to identify issues early and take corrective action, leading to significant time and cost savings. According to AI Clearing, construction companies using its platform have achieved up to 20% faster project delivery and 5% construction cost reductions.
The new funding comes amid rapid growth for the 4-year-old startup. AI Clearing CEO Michael Mazur said the company has achieved 15x revenue growth over the past year as demand rises for tech-driven productivity improvements in the infrastructure construction sector.
"This funding round positions us to expand our sales and client success teams across the United States, Western Europe, and the Gulf region," said Mazur.
AI Clearing will also invest in advancing its computer vision and data fusion capabilities to cement its lead in the nascent construction analytics space. The company currently works with 5 of the world's top 20 largest construction firms, including Bechtel and PCL Construction.
The $14 million injection brings AI Clearing's total funding to $19 million. Prudence Partner Jordan Viniar will join the company's board of directors.
Viniar said AI Clearing offers the "best-in-class and most technical solution" to pressing needs around improving risk management and quality assurance on complex builds.
The construction analytics market is poised for rapid growth as infrastructure spending rises globally while the industry grapples with an aging engineering workforce. AI Clearing sits at the intersection of these trends, applying AI/ML technologies to amplify the productivity of construction managers and engineers.
With efficient data capture and actionable insights on every aspect of a build, AI Clearing's platform delivers new levels of oversight and control for construction projects of any scale. The company's expanding roster of customers and new capital suggest it is primed for a leading position as AI adoption accelerates across the construction sector.
Article updated to reflect the new name of AI Surveyor, the AI Clearing Core.