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The first wave of ConTech has started to reach widespread adoption,with global funding set to surpass a record-breaking $6bn this year. As the industry continues to reap the benefits of digitization, Conxaiwill be at the forefront of the second wave of adoption.
Conxai is a no-code AI platform that will initially be implemented in construction site cameras, leveraging computer vision to carry out object detection, progress tracking, equipment utilization and ensuring onsite safety.
At the heart of our pre-seed investment in Conxai, we are backing an exceptional founding team. Sharique, CEO, has both business and technical expertise having previously exited another AI-centric startup, Dive. Meanwhile, Krishna, CTO, holds a PhD in Computer Science and AI and spent several years as an AI researcher at DARPA.
At A/O, we were drawn to Conxai’s technology for two reasons.
Firstly, the no-code nature of the platform means that it is easy for non-technical customers to implement. This is particularly relevant in the AEC industry, where usability is critical for driving tech adoption.
Secondly, Conxai offers a high degree of customization, meaning that the potential use cases are boundless. Such adaptability stems from the platform’s custom-built graph and convolutional networks, which are inspired by the models used in autonomous driving systems. The unique AI system enables Conxai to add new product features instantaneously without needing to retrain the AI. In this way, Conxai eliminates the need for contractors to use numerous point solutions onsite, increasing productivity and reducing costs.
We are looking forward to seeing Conxai’s technology adopted by forward-thinking customers in the AEC sector. Long term, we are excited by Conxai’s vision to extend its functionality to automate workflows and enable autonomy in machinery and robotics. The sheer number of potential use cases and Conxai’s proposed distribution model make for a highly scalable solution. We are confident that Conxai is well placed to benefit from widespread tech adoption in the construction sector and is in prime position to become a market leader in the segment.
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