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WORLD AI Clearing raises USD 2 mln in seed funding

Technology
AI Clearing, Inc. has raised USD 2 mln in seed funding to accelerate the development – at its R&D centre in Warsaw – of its artificial intelligence system for monitoring the progress of construction projects.

Tera Ventures led the round, with co-investors Inovo Venture Partners and Innovation Nest also taking equity stakes in the Texas-based construction tech startup.

AI Clearing eliminates errors and fraud by analysing overhead images, geospatial data and CAD/BIM designs to monitor the progress of infrastructure projects, thus ensuring that the work is on track, on time and in line with the designs. The system enables contractors and investors to track the progress of infrastructure projects up to 144 times faster than typical human-powered processes.

Our data analytics platform makes it easy for our clients to quickly identify and correct errors, saving time and avoiding costly rework. Fixing errors usually takes up 4–8 pct of a typical construction project’s budget, so the potential savings are huge.
AI Clearing’s CTO and co-founder Adam Wiśniewski

According to the company, the global market for construction progress monitoring is now worth USD 49 bln a year. A quarter of infrastructure construction projects currently end in litigation, often due to human-based processes that are prone to error and manipulation. This drives up costs by an average of USD 43 mln per project.

AI Clearing’s North American and European clients include PCL Construction, one of the top ten contractors in the US, with about 1,000 large projects a year, and Vinci Group, the world’s largest construction corporation.

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