Tell us a bit about Contilio’s mission and how you got your start
Contilio is an AI-based analytics platform empowering the construction industry to understand, predict and significantly improve the performance of multi-million-dollar construction and infrastructure projects. You might ask how?
Through turning (3D) site data into intelligent and real-time insights on construction progress, installation quality and performance KPIs, enabling key stakeholders to have full visibility, make timely and accurate decisions and enjoy significant productivity, cashflow and compliance benefits. We started our journey in June 2018 and are on the grand mission to make “on-track” and “on-budget” the norm for every construction project at every corner of the world. This means an additional $2-5 trillion in cost savings as well as cheaper, faster, and smarter houses, offices, schools, hospitals and cities for everyone.
Congrats on winning the Smart Construction Challenge at #BCW19 – the leading conference on IoT and digital transformation. Can you tell us a bit about how you won this award and what it entails?
As a part of Bosch Connected World (BCW) – the world’s largest IoT conference – there are a few competitions held every year for startups to present their innovative solutions and collaborate with global industry players, executing their digital strategies through partnership/collaboration. Due to the huge momentum that construction tech is gaining, construction was one of the key focus areas this year. We heard about the competition through one of our customers and decided to get involved. The process was very collaborative and we are very excited to have been selected as a winner, especially because the competition was sponsored by several multi-national companies linked directly or indirectly to the construction industry. We will be working with one of the sponsors over the course of the next few months to pilot our SaaS analytics solution on a big construction site and to work together to enable one of their key strategic pillars. Some strategic partnerships have also materialised through the competition – stay tuned!
What does the future look like for construction projects in London?
In the next 5 years, bytes and algorithms are going to be an integral part of every construction project in London and globally. This means construction companies will be able to catch issues and risks before they happen through smart and predictive insights, saving millions for very project in financing/insurance costs and the cost of fixing mistakes. Construction sites will no longer be managed physically, but rather from a cloud-based digital twin platform augmented by data. The future of construction is 3D data analytics and AI. Additionally, the use of AR/VR, wearables, sensors, drones, and other disruptive technologies are increasingly prevalent in construction as the industry moves forward on the path of digitalisation. This is critical as construction is an important pillar of the global economy (~15% of global GDP), and we need to all do our part to improve its efficiency and affordability.
What is one of the challenges your team has faced since launching Contilio?
Similar to any other AI-first startup, data has been key for us. However, the data that we use is not publicly available so we have had to talk to a lot of researchers who focus in this area and sign multiple partnerships with industry players to get access to the data. As a result of this big investment early in the process, we have managed to assemble a very large 3D database and are adding to it continuously.
Additionally, although US investment in Contech has increased 300% over the past two years, UK and EU investors were not that familiar with the $12Trn construction industry when we started. Thankfully, this is changing due to an increasing number of events and conferences focused on Contech, as well as shifts in several market, technology and regulatory forces that are redefining construction as the next big tech frontier.
How has coworking at Runway East Moorgate been treating the team?
It’s great to sit together with other startups with similarly grand visions in the same space and to be motivated to work hard towards our goal of building a global category leader. We love being a part of the Runway East family and the social activities too!
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