ALICE Technologies, the world’s first AI-based simulation platform for construction, today announced that it has closed $8M in Series A funding led by Merus Capital with participation from Foundamental, Blackhorn Ventures and Lightspeed Venture Partners. The new funds will be used to accelerate the company’s go-to-market plans, international expansion and product innovation.
Current construction planning software does not allow construction companies to optimize and analyze the complex flows of labor, equipment and materials throughout a job site, leading to projects plagued by consistent cost overruns and unexpected delays. ALICE solves this problem by leveraging artificial intelligence to analyze a project’s building requirements and generate highly efficient construction plans. Using ALICE, project teams now have the ability to explore a variety of building plans in real-time and better understand the impact of key construction decisions on the two metrics that matter most: project cost and duration. Builders can reduce project costs by $30 million for a typical $500 million project by using ALICE to optimize their projects.
“The construction industry is in the very early innings of a massive digital transformation,” said Dr. Rene Morkos, founder and CEO at ALICE Technologies. “With our deep experience in AI and our vast understanding of the inner workings of the construction industry, we’re well poised to lead the industry in this evolution. We’re thrilled to partner with Merus Capital as well as other leading names in venture capital and construction to continue to drive digitalization on a global scale.
