Intsite Raises $1.35 Million for Developing AI-Powered Cranes
On average, 98% of mega construction projects go over budget, according to McKinsey, and in a high-stakes global industry like construction, opportunities to improve efficiency can result in huge savings.
Automation is gaining momentum in the industry as a way of optimizing both the design and the construction sectors. An increasing number of AEC companies, like Intsite, are starting to embrace automation and machine learning in order to streamline services and organization.
According to VentureBeat, the industrial robotics industry is expected to be worth $71.7 billion by 2023, which largely explains the recent spike in attention among entrepreneurs and venture capitalists. One of the most notable breakthroughs in the area happened recently, when Tel Aviv-based company Intsite, announced a $1.35 million pre-seed round, led by Terra Venture Partners and the Israel Innovation Authority, to fund “the world’s autonomous crane technology”.
Intsite Construction-Tech Startup
Intsite aims to increase construction site productivity and safety by developing a platform that taps computer vision to analyze camera feeds in real time, ensuring tower crane operators are made aware of workers and obstacles within range. Their technology, which is based on a combination of aerospace tech and state-of-the-art algorithms, can improve a crane’s precision by up to 30 percent.
The crane, as the control tower of the construction site, oversees the construction progress. Getting insights from the crane will allow the construction team to follow and influence the construction process, resulting in better, safer and smarter projects. With its Internet of Things (IoT) device, machine learning, computer vision, and natural language processing technologies, Insite’s solution can increase cranes’ productivity and reduce costs.
The technology has already been tested on a construction site owned by Shikun & Binui Solel Boneh, one of Israel’s largest construction companies, and the firm is planning to pilot the system in the UK and France early next year. Currently, the Intsite team is working out of the incubator TerraLab, created by Terra Venture Partners.
With a market cap of some $716 million, Shikun & Binui set up an innovation program in 2015 called BuildUp, which focuses on identifying and implementing innovation in its production processes — from designs to workflows and products and communications with customers — in the areas of energy and water, infrastructure and construction.
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