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INTERNET | Internet Software & Services / Collaboration & Project Management
indus.ai

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Founded Year

2017

Stage

Acquired | Acquired

Total Raised

$11.95M

About INDUS.AI

INDUS.AI offers construction Intelligence-as-a-Service, improves coordination, and project execution for developers and general contractors.On May 6th, 2021, INDUS.AI was acquired by Procore. The terms of the transaction were not disclosed.

INDUS.AI Headquarter Location

535 Mission Street, 14th floor

San Francisco, California, 94105,

United States

888-659-3790

Latest INDUS.AI News

Procore IPO could raise $616M, result in $8.3B valuation

May 14, 2021

Published May 12, 2021 Dive Brief: In a filing this week with the U.S. Securities and Exchange Commission, project management software provider Procore Technologies reported that it plans to offer 9.47 million shares at a per-share price of between $60 and $65 per share as part of its initial public offering, bringing in as much as $615.5 million. The company estimates a mid-range per share price of $62.50 and net proceeds of between $552.9 million and $608.5 million. At the high end of that range, the company would have a market capitalization of $8.3 billion, equal to that of some of the country's top specialty contractors. Procore said it intends to use the net proceeds from the IPO for general corporate purposes like working capital, operating expenses and capital expenditures. The company said it could also use some of the money for acquisitions or strategic investments in "complementary businesses, products, services, or technologies" but has no current agreements or commitments to do so. The company said it believes the annual market opportunity for its current products is $9.4 billion based on an estimate of potential customers — general contractors and specialty contractors — with yearly revenue greater than $2.5 million and owners that spend at least $2.5 million each year on construction. The COVID-19 pandemic, Procore said, has not changed this market substantially. Dive Insight: Procore originally filed its IPO paperwork in February of last year but delayed the offering, reportedly because of the pandemic. During 2020, the rate of Procore's customer growth slowed, but the company still managed to increase the number of customers on its platform by almost 5% from January 2020 through March 2021. Procore's Q1 2021 revenue was $113.9 million, a 23% increase from the $92.4 million it recorded in the first quarter of 2020. Its gross revenue for 2020 was $400.3 million versus $289.2 million in 2019. In the SEC filing, Craig "Tooey" Courtemanche Jr. said that the pandemic underscored how important collaboration is between stakeholders within the construction industry and has accelerated the rate of "digital transformation" as companies seek to increase remote working and efficiency. While Procore said it has not made any commitments to use a portion of the IPO net proceeds to make acquisitions, it did announce earlier this month that it acquired INDUS.AI . The company produces an artificial intelligence-powered analytics platform for the construction industry. Procore did not release details about purchase price or other terms of the deal. Procore will incorporate INDUS.AI's computer vision capabilities into its own platform. The AI engine that INDUS.AI has developed creates recommendations and observations for users based on data such as project management platforms, cameras, sensors, drawings, building information models and schedules. Follow Kim Slowey on Twitter

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Research containing INDUS.AI

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned INDUS.AI in 2 CB Insights research briefs, most recently on Oct 5, 2020.

Expert Collections containing INDUS.AI

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

INDUS.AI is included in 2 Expert Collections, including Construction Tech.

C

Construction Tech

576 items

Companies using technology to improve processes in the construction industry.

A

Artificial Intelligence

7,895 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

INDUS.AI Patents

INDUS.AI has filed 5 patents.

The 3 most popular patent topics include:

  • Artificial neural networks
  • Image processing
  • Artificial intelligence
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Grant Date

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Related Topics

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9/12/2018

1/19/2021

Machine learning, Classification algorithms, Information systems, Artificial neural networks, Data modeling

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1/19/2021

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Related Topics

Machine learning, Classification algorithms, Information systems, Artificial neural networks, Data modeling

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