Pi Labs has led a seed investment in construction analytics platform Contilio to drive expansion.
"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 financing round was led by Octopus Ventures with backing from both new and existing investors.
"Today, we’ve developed the world’s first Engineering-Grade AR solution helping construction teams identify errors in real-time, but really that’s just the start of our journey. The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history."
The funding round was led by GV and will be used to expand the company assurance platform and launch insurance products.
"At a time of ongoing uncertainty, our goal is to provide confidence in a sector notorious for struggling to stick to deadlines or budgets. By using some of the most powerful machine learning capabilities in the world to analyse what worked and what didn’t in past projects, we can help our customers work out what’s going to derail their own initiatives, and stop problems happening before they even appear."
The seed round was co-led by Playfair Capital and Credo Ventures with participation from Techstart Ventures and angel investors.
"Before founding Continuum Industries, we led a 150-people strong hyperloop team at the University of Edinburgh. While there, we built the UK’s first hyperloop prototype vehicle and successfully competed in contests run by SpaceX and Virgin Hyperloop One. It was the hyperloop moonshot that made us realise the socio-economic value of infrastructure and forced us to think about better ways of taking infrastructure projects from ideas to reality."