Procore buys AI-powered construction analytics firm Indus.ai
Looking to “computer vision” to build out its construction management software, Procore Technologies Inc. said May 6 it has acquired Indus.ai.
The U.S.-based tech firm said its purchase of the maker of an artificial intelligence-powered analytics tool designed for the construction industry will add new capabilities to the Procore platform, helping owners and contractors better manage their business.
“Our customers depend on the Procore platform as their system of record,” Tooey Courtemanche, Procore’s CEO and founder, said in a release. “With our investments in analytics and AI, we’re becoming their system of intelligence and helping our customers unlock the value of their project data through powerful insights that enable better, data-driven decisions.”
Terms of the deal were not disclosed.
Indus.ai uses an AI engine to sift through the copious amounts of data being generated on construction sites, using it to provide observations, recommendations and alerts to help project teams make data-driven decisions throughout the building process. With offices in San Francisco and Toronto, the company currently monitors over 100 million sq. ft. of construction site space each day.
Matt Man, Indus.ai’s CEO and co-founder, said the platform frees up construction staff to focus on the most important parts of their projects.
“The Procore platform contains immense amounts of visual data, and we’re looking forward to transforming it into actionable construction knowledge together,” he said in a release.
Procore noted the new purchase builds on its acquisition of Avata Intelligence last year. It plans to integrate Indus.ai’s tools into its platform.