Pi Labs leads the latest investment in AI analytics platform Contilio as demand for automated quality and progress tracking explodes
22 June 2021, London: The UK-based construction analytics platform Contilio has raised $1.5M led by the leading proptech VC Pi Labs to help drive expansion as the ConTech industry continues to grow.
The breakthrough 3D AI construction analytics platform will use the funds to onboard more customers, further advance its product & tech and accelerate its growth. This acceleration is fueled by c.500% increase in global demand for its construction progress, installation quality and risk software.
The global construction is valued at c.$13 trillion. Despite pioneering a lot of technological innovation, including CAD, simulation and early machine learning applications, the building and infrastructure construction is still the 2nd least productive industry. Every year, approximately 40% of the construction value is lost in unnecessary delays, rework and waste. Increased investments in Building Information Management (BIM) and visualization while valuable, has not done much to bridge the critical gap between construction plans and the as-built reality.
Contilio’s world-first AI platform provides actionable intelligence from 3D construction site data (Lidar/Laser scans) by intelligently classifying all structural, architectural and MEP elements and automatically comparing them with the BIM and the schedule. The easy-to-use software works seamlessly with all commercially available Lidar/Laser scanners and most recently drones. Since launching from stealth in 2019, Contilio has been used by global general contractors (e.g., Balfour Beatty), developers (e.g., Prologis) and owners (e.g., Enel), helping them deliver building and infrastructure projects cheaper, faster and more sustainably.
On average, customers report that the Contilio platform delivers the progress and quality insights 15 times faster for 100% of the construction site. This, for the first time, enables key stakeholders to remotely track progress, swiftly manage delays and installation errors, and to make smart decisions. When deployed at scale, Contilio delivers significant cost savings, better bid performance and up to 20X return on investment. Due to the significant reduction in construction rework and waste, CO2 emissions are reduced, helping sustainability strategies.
The next version of Contilio’s product which will be launched soon enables the users to access the insights 24/7 from anywhere in the world with 10X better performance in terms of visualizing 3D insights. A free version will be also made available to a short-list of power users.
Zara Riahi, Founder & CEO, at Contilio said:
“Construction is a pivotal part of all of our lives whether we are indoors, commuting or communicating. After spending years managing mega construction projects and investing in AI and Fintech, I realized that the 3D AI advancements would help deliver the much-needed change for an industry that I knew deserved much better.
“The Covid-19 pandemic, shortage of skilled workforce, and the growing trend for better build quality have exponentially increased the demand for data-driven insights, predictable outcomes and timely verification of quality errors. This has shifted the industry’s focus from 360 visualization tools, to automated and scalable software, taking the value game to the next level.
“Pi Labs investment and its unparalleled access to a global network of property and construction leaders will be a great asset to Contilio as we quickly grow our customer base and advance our business in our journey to reshape the construction industry. We look forward to working together and having a positive impact on the future of real estate and infrastructure.”
Faisal Butt, CEO of Pi Labs, said:
“ESG and progression of the real estate industry have always been core to Pi Labs’ mission. Construction is a key part of that equation, where manual, costly and paper-based processes have been a core reason for wasteful errors, critical delays and overruns. Our research shows us that Construction is ripe for technology disruption and evolution and that Construction tech has a vital role to play as we work towards achieving net zero, optimized supply chain and efficient construction delivery.
“Contilio’s innovative solution fills a large void in terms of enhancing construction efficiency and reducing waste. Their AI software not only helps enable significant cost savings during construction, but also drives sustainability benefits and better build quality for owners and developers, enabling them to reap the benefits during asset operations. That is why we at Pi Labs are delighted to be supporting Contilio’s expansion and continue to believe that Construction Tech will offer many innovations that will improve our built environment.”
Contact: [email protected]
About Pi Labs
Founded in 2014, Pi Labs was the first venture capital firm in Europe to exclusively invest in proptech. The company positions itself as a bridge between traditional real estate companies and Proptech start-ups across Europe.
Pi Labs is often the first institutional investor and invests in companies from pre-Seed to Series A, with follow on investments in later stage rounds. Start-ups can benefit from Pi Labs’ vast network of mentors and advisors, including key players in the real estate industry, investors and successful entrepreneurs. Receiving investment from Pi Labs means becoming part of the community of exceptional entrepreneurs in its portfolio.
Pi Labs has successfully executed two funds, Fund I (2015) and Fund II (2017). Pi Labs is currently fundraising for Fund III which had its first close in early 2020 having secured €23m of investment. Pi Labs has built a portfolio of over 50 proptech companies across UK and Europe, making the company the most active investor in proptech start-ups in Europe.
Contilio is the mission to bring on-track and on-budget to every infrastructure and building construction project in every corner of the world. Our analytics software combines 3D Computer Vision, Machine and Deep Learning and works with all commercially available Lidar/Laser Scanners and Drones. It automatically tracks construction progress, installation quality and predictive risks from an easy-to-use cloud platform, 24/7. Our customers have accessed these actionable insights to easily understand, better predict and significantly improve the performance of their complex building and construction projects globally. Our software also updates BIMs and schedule and creates intelligent digital twins which is used by owners and developers during and post construction, enabling digital handover and smart facility management. Contilio was founded in 2018 by experienced founders with construction, deeptech and commercial experience and is headquartered in London UK.