Procore acquires INDUS.AI for construction Artificial Intelligence
Procore Technologies, Inc., a leading provider of construction management software, today announced it has acquired INDUS.AI, makers of an artificial intelligence-powered analytics platform for the construction industry.
This acquisition adds computer vision capabilities to the Procore platform, helping owners, general contractors, and specialty contractors realize greater efficiencies, safety, and profitability. Terms of the transaction are not being disclosed.
The construction industry is undergoing a digital transformation. While this transformation is producing mountains of previously inaccessible data, up to 96% of construction data goes unused. INDUS.AI’s AI engine learns from project management platforms, cameras, sensors, drawings, building information models, schedules, and more — and creates observations, recommendations, and alerts that help project teams make data-driven decisions. INDUS.AI’s solutions are used to track and review construction progress, ensure safety and compliance, gain real-time project visibility, view labor deployment, minimize equipment idle time, and resolve claim disputes.
“We are excited to welcome the INDUS.AI team to Procore as we expand our AI capabilities,” said Tooey Courtemanche, Procore founder and CEO. “Our customers depend on the Procore platform as their system of record. 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.”
“Since 2017, INDUS.AI has been using computer vision and AI to improve the lives of construction professionals, freeing them up 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,” said Matt Man, cofounder and CEO of INDUS.AI.
“I can’t think of a better way to acknowledge North America’s Construction Safety Week than for INDUS.AI to join forces with Procore. We’ve been a Procore App Marketplace partner since 2018, and we first partnered on a safety integration. Together, we’ll keep making construction safer, more efficient, and more profitable,” said Navin Kaminoulu, cofounder and COO of INDUS.AI.
Every day, INDUS.AI monitors over 100 million square feet of construction sites with its AI engine detecting anomalies and progress. It has been trained with millions of images and videos specific to construction, and is able to identify more than 70 metadata labels per image. The INDUS.AI acquisition builds on Procore’s acquisition of Avata Intelligence in 2020, which brought world-class AI talent to Procore and is delivering smart automation solutions and predictive insights to Procore customers. Procore plans to integrate INDUS.AI’s capabilities into the Procore platform. In the interim, INDUS AI’s solutions will not be commercially available to new customers.