Market Overview

IngeniousIO Launches, Locks in Funding to Redefine Construction Industry Collaboration

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  • Chicago headquartered startup closes $4M of funding led by American
    Family Ventures
  • AI-centric platform provides a nexus for construction industry point
    solutions
  • Enables real-time visibility for developers, owners, architects,
    engineers, contractors and vendors into materials, costs, scheduling
    and beyond
  • Makes the entire construction development process transparent from
    inception to ribbon-cutting

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 $4 million in funding led by American
Family Ventures
. An AI-driven platform that transforms document
chaos into 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 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 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 in 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 has data and software features that are highly unique, but
it is this team's experience rooted in the construction industry,
combined with their passion and customer centricity that excites us the
most about their potential to fundamentally change how construction
projects are administered and managed across the full vertical market,"
said Kyle Beatty, Principal at American Family Ventures.

The IngeniousIO initial launch will include an application for
architecture and engineering firms to streamline internal operations for
external collaboration. Shortly after, IngeniousIO will release the
owner /owner representation 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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