Procore Acquires Construction Artificial Intelligence Company, INDUS.AI
Computer Vision Turns Visual Construction Data into Actionable Insights
CARPINTERIA, Calif., May 6, 2021 – 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.
Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Our platform connects every project stakeholder to solutions we’ve built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s Marketplace has a multitude of partner solutions that integrate seamlessly with our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.
INDUS.AI’s construction intelligence solution enables real estate investors, owners, developers, and general contractors to have real-time visibility and actionable insights into all activities, productivity, and risks at their construction sites. A Procore App Marketplace partner since 2018, INDUS.AI seeks to make construction sites and projects safer, more efficient and completely transparent. Learn more at www.indus.ai.
This press release contains forward-looking statements about Procore and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including, but not limited to: statements regarding the expected performance of Procore’s business, its future financial and operating performance, strategy, long-term growth and overall future prospects, the demand for its offerings, its competitive position, general business conditions, its ability to execute its strategies and business plans, the integration of INDUS.AI into Procore’s business, anticipated synergies from its acquisition of INDUS.AI, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. Procore has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that Procore believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors that could cause results to differ materially from Procore’s current expectations. Procore may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on Procore’s forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Procore undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. Procore’s statements should not be read to indicate that Procore has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.