We are happy to share that Tera Fund II company AI Clearing has recently raised a $14m Series A led by Prudence VC, a proptech focused fund based out of New York. Tera Ventures also participated having led both previous rounds.
AI Clearing uses drones and other data sources within their software platform to help businesses track how work is progressing on large construction projects such as roads, railways, solar farms and airports.
Having already worked with companies like French construction giant VINCI, Canada’s PCL Construction and Portugal’s oil and gas company Galp, the funding will be used to accelerate growth across the US, Europe and the Middle East where the team also recently signed NEOM as a client as well.
“Anyone who’s ever managed even a small construction project knows how easy it is for things to go wrong, and with large infrastructure work the potential for problems is only magnified,” said AI Clearing CEO & co-founder Michael Mazur.
“Our data analytics platform makes it easy for our clients to quickly identify and correct errors, saving time and avoiding costly rework,” added CTO & co-founder Adam Wisniewski. “Fixing errors usually takes up 4-8% of a typical construction project’s budget, so the potential savings are huge.”
In recent years the construction industry has been collecting digital field data on a truly massive scale, combined with a significant increase in digital designs and datasets. AI Clearing’s solution allows them to use more of this data, and use it more efficiently. Human driven processes can analyze only a fraction of the information available, while AI Clearing approaches 100%, and can complete analytics in three hours that would take humans three weeks.