Estonian Tera Ventures invested in construction tech startup AI Clearing
Estonian venture capital firm Tera Ventures invested in the construction progress tracking platform AI Clearing. The startup raised $14M. The lead investor was New York-based VC Prudence. US VC FJ Labs, and Polish venture capital firms Inovo and Innovation Nest also participated in the deal.
Founded in Austin (US) in 2020 by Adam Wiśniewski and Michael Mazur, AI Clearing helps companies track the work progress on big construction sites like highways, solar farms, airports, railway tracks, gas pipelines, etc. It is a SaaS platform that analyzes data, gathered with the help of drones, as well as construction project schedules and design blueprints, provided by the customers. The client either gives its drone-based data or AI Clearing helps him set it up. The startup's platform can integrate easily with the customer's existing systems for data sharing. As a result, the company solution generates 3D construction updates in the form of an interactive dashboard and also provides reports in the form of PDFs. The client can receive the data about how much concrete was poured on a construction site during one day, and how that aligns with the timeline.
According to the startup, its AI-powered solution will take 12 hours to analyze the work progress on the 10km highway site, which is more than two times faster than if this work was done only by people.
Among AI Clearing clients are construction companies, owners of utilities, road or railways operators, and financial investors, such as French construction company VINCI, Canada’s PCL Construction, and Portugal’s oil and gas company Galp. The startup has signed a contract with the Saudi Arabian construction site NEOM, which involves more than 200 projects to be built in the nearest time.
AI Clearing’s R&D hub is located in Warsaw. The company employs more than 60 people globally. AI Clearing will use the investment to boost its sales, marketing, and customer success teams in the US, Europe, and the Middle East.
Tera Ventures is an international investment firm based in Estonia. The founding partners are Andrus Oks and Stanislav Ivanov. Tera Ventures invests out of €45M second fund in startups from the Baltics, Denmark, Sweden, Finland, Poland, and the Czech Republic. The recent investments were Estonian Flowstep -UX library, consisting of recordings and screenshots of top applications such as Airbnb, Klarna, Spotify, etc., Estonian virtual card that splits bills Cino, Tallinn-based food tech Äio, Estonian legal tech Avokaado.
