Chicago-based IngeniousIO, a newly launched company that manages construction projects, has secured $4 million in funding. American Family Ventures led the round.
PRESS RELEASE
CHICAGO, IL.—August 30, 2018—IngeniousIO, a market innovator bridging the gaps in the multi-trillion dollar construction industry, has announced the launch of the company and the close of $4M in funding led by American Family Ventures. An AI-driven platform that transforms document chaos in to intelligent insights, IngeniousIO is poised to become the connective tissue between not only projects, but the construction industry at large.
A $10 trillion industry, construction is one of the of the global economy’s biggest sectors, according to the 2017 McKinsey Construction Report. For an industry built on collaboration — between owners, project managers (PMs), architects, engineers, contractors and subcontractors — construction workflows remain remarkably fragmented. Productivity lags behind other sectors, costing the global economy $1.6 trillion in 2016 — the equivalent of the GDP of Canada.
“IngeniousIO does not intend to disrupt construction,” said Nick Carter, Founder & CEO of IngeniousIO. “The industry is already in pieces, and therein lies the problem. From PMs to sewer subcontractors, many groups have to work together efficiently to complete a building. Digitizing documents only uploads the mess to the Internet. IngeniousIO galvanizes the business of construction by connecting and streamlining the entire process, from inception to ribbon cutting.”
Hoping for a solution, technology vendors and enterprise IT teams have designed services to digitize document and email management. While such solutions make contracts, bids and other documents viewable online, they do not enable a unifying, data-driven approach. IngeniousIO created an application for each party involved on a project to make data available for AI processing, going beyond digitization and into intelligent management. All parties can view job site information in real time. Accountants can see costs accruing as they happen. Contractors can be paid faster due to the fact that all the data is readily available for immediate review within the platform.
“IngeniousIO is the first solution to deliver on the promise of interoperability between point solutions and between stakeholders on a construction project,” said Kyle Beatty, Principal at American Family Ventures. “IngeniousIO is obsessed with understanding and serving its customers, from owner developers, to subcontractors and suppliers, delivering software and data that enables them to win more jobs, expand margins, improve quality, and focus on what they love.”
Their initial launch will include an application for Architecture and Engineering firms to streamline their internal operations and for external collaboration. Shortly after they will release the Owner/Owner Representation Application and Contractor applications.
About IngeniousIO
IngeniousIO is rebuilding the construction industry by connecting disparate services into a unified, AI-driven platform. By transforming documents into data intelligence, IngeniousIO gives owners, builders, project managers, general contractors, engineers, architects and other professionals real-time visibility into every inch of their project. Vendor-agnostic and API driven, IngeniousIO is poised to unlock the trillion dollars trapped in construction inefficiencies. For more, please visit www.ingeniousio.com/.
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