AI startup IngeniousIO launches with $4 million in funding to redefine construction industry collaboration
Construction is a $10 trillion industry and one of the global economy’s biggest sectors, according to the 2017 McKinsey Construction Report. For an industry built on collaboration — between owners, project managers (PMs), architects, engineers, contractors and subcontractors — construction workflows remain remarkably fragmented. Productivity lags behind other sectors, costing the global economy $1.6 trillion in 2016 — the equivalent of the GDP of Canada. One Chicago-based startup is about to inject some innovation into the industry.
IngeniousIO is an AI startup and market innovator that is bridging the gaps in the multi-trillion dollar construction industry. Founded in 2015 by Nick Carter, the startup aims to rebuild the construction industry by connecting disparate services into a unified, AI-driven platform. By transforming documents into data intelligence, IngeniousIO gives owners, builders, project managers, general contractors, engineers, architects and other professionals real-time visibility into every inch of their project. Vendor-agnostic and API driven, IngeniousIO is poised to unlock the trillion dollars trapped in construction inefficiencies
Today, IngeniousIO announces the launch of the company with $4 million in funding led by American Family Ventures. The initial launch will include an application for architecture and engineering firms to streamline internal operations for external collaboration. Shortly after, IngeniousIO will release the owner /owner representation and contractor applications. With an AI-driven platform that transforms document chaos into intelligent insights, IngeniousIO is poised to become the connective tissue between not only projects but the construction industry at large.
“IngeniousIO does not intend to disrupt construction,” said Nick Carter, Founder & CEO of IngeniousIO. “The industry is already in pieces, and therein lies the problem. From PMs to subcontractors, many groups have to work together efficiently to complete a building. Digitizing documents only uploads the mess to the internet. IngeniousIO galvanizes the business of construction by connecting and streamlining the entire process, from inception to ribbon-cutting.”
Hoping for a solution, technology vendors and enterprise IT teams have designed services to digitize document and email management. While such solutions make contracts, bids and other documents viewable online, they do not enable a unifying, data-driven approach. IngeniousIO created an application for each party involved in a project to make data available for AI processing, going beyond digitization and into intelligent management. All parties can view job site information in real-time. Accountants can see costs accruing as they happen. Contractors can be paid faster due to the fact that all the data is readily available for immediate review within the platform.
“IngeniousIO has data and software features that are highly unique, but it is this team’s experience rooted in the construction industry, combined with their passion and customer centricity that excites us the most about their potential to fundamentally change how construction projects are administered and managed across the full vertical market,” said Kyle Beatty, Principal at American Family Ventures.