If you have been following the tech space closely, then you know—like we do—the IoT (Internet of Things) and AI (artificial intelligence) have the potential to drive economic value in the trillions by 2025. That’s why when I was scrolling the wires last Tuesday and saw ALICE Technologies’ latest announcement, I stopped to take a closer look.

If the news didn’t cross your inbox last week, let me catch you up now. ALICE Technologies announced $4.6 million in convertible debt financing led by Future Ventures, bringing the total company funding to date to more than $25 million.

A little bit of background on the company in case you aren’t familiar: Rene Morkos is the founder and CEO of ALICE and earned his Master’s in Construction Management from USC and his PhD in Artificial Intelligence Applications for Construction from Stanford. The platform came about after conducting a study that revealed that, on average, only 3% of a construction site’s space is being actively used for construction.

Now for the technology: The company’s AI construction simulation platform is used to generate scenarios and optimize resources for large-scale infrastructure and commercial projects. The technology develops and evaluates construction project schedules that use resources most efficiently, reducing build time and costs.

Here is where it gets really cool. It has the ability to create millions of schedule options for large projects in minutes and can adapt schedules mid-project to account for new challenges. This includes if a material change occurs or there is an unexpected labor shortage—something most companies are likely facing amid the COVID-19 pandemic.

For those of you who attended the Constructech Technology Days event last week, you know what we know. This technology isn’t coming. It is already here. Add in the impact of the COVID-19 pandemic and the move toward digital transformation is accelerating at rates faster than ever before. As Brad Keywell, founder and CEO, Uptake, said at the event, “Change is the only reliable truth.”

Another big takeaway is this: technology—AI, IoT, you name it—really isn’t optional anymore, especially for the large construction companies. Businesses that aren’t tapping into the intelligence that already exists on project are going to be left behind. It isn’t a matter of if—rather it is a matter of when.

If you were at the event last week, or you are dabbling with your own AI or IoT implementation, what are your thoughts? Will this change how we do work in construction in the future? Is it already changing work on your projects today?

Want to tweet about this article? Use hashtags #construction #IoT #sustainability #AI #5G #cloud #edge #futureofwork #infrastructure #digitaltransformation #machinelearning 

The post ALICE’s AI Investment: Impact on Construction appeared first on Constructech.