NEW YORK, March 29, 2022 /PRNewswire/ -- Today, Kwant AI announces a $3.9 million seed round with investment from LAUNCH, Fairstead, Pearl Fund, 7BC Venture Capital, Forefront Ventures, Martinson ventures, and Serra Ventures. Funds will be allocated to facilitate customer expansion, scaling the platform, and staff hiring.
Kwant AI protects lives and adds over 15% toward operational efficiencies, saving huge costs for the construction industry. The solution is proven to work in large deployments such as the new airports in New York, EV factories in Detroit and Tennessee with over 10,000 construction workers using the technology daily.
Andrew Romans, General Partner of 7BC Venture capital added, "On the treasure map of construction AI companies we mark an X on Kwant AI."
The Kwant solution deploys smart-wearable badges and equipment trackers for project sites in construction, mining, manufacturing, and critical infrastructure where tradespeople, materials, and equipment are routinely monitored. Kwant AI uses deep learning for accurate x, y, and z positioning of workers and assets. Then, Kwant AI groups unstructured data using artificial intelligence algorithms to detect patterns in thousands of project data sets, helping provide quality recommendations on road mapping.
"As a safety and productivity platform, when you look at the other options in the market, Kwant is best in class for our large-scale projects. Our value realized has been through avoiding job sites shutdowns due to variants of the safety incidents and the pandemic, gaining a more precise understanding of the exact time and duration of exposures, evacuation, and rescue as well as tracking high-value assets and equipment utilization.
The area this system excels at is faster response times, accuracy, dashboard customization, and their badges are 'Made in America' which improves the certainty that deliveries are made on time" - John Jurewicz, Head of Innovation, Walbridge Construction. (ENR Top 48 Contractors)
Kwant AI's platform was recently deployed at Park 79, a hotel-to-affordable housing conversion in New York, developed by Fairstead. Since November 2020, over 200 workers registered, worker compliance and certifications, including OSHA and SST cards, have been centralized in Kwant AI's single database to ensure compliance and safety. More than 10,000+ hours of worker data were collected in 39 different zones for tracking. Kwant AI also helped Fairstead manage and deploy COVID-19 protocols for temperature scans and contact tracing.
"Leveraging the Kwant AI platform helped us improve tracking and efficiency for a complex project in the middle of a pandemic. It is a best-in-class technology we are excited about deploying at future sites. With on-hand capital and a diverse set of properties, Fairstead can invest in the latest tech solutions to move our industry forward" said Tyler McIntyre, Managing Partner, Design and Construction, at Fairstead.
"Kwant combines field staff workforce timesheet tracking with fully integrated 5D-BIM, enabling us to analyze daily productivity and WIP across all our projects with dashboards and drill-down insights, along with scheduled reports. They also worked with us to integrate the timesheet service with our accounting ERP to streamline reporting for payroll. Overall, this is helping us understand project performance and proactively adjust our workforce plan, and updating the timesheet and WIP through the model saves us 8-10 per week by not having to manually measure and calculate material quantities. Looking forward to the opportunity to analyze and predict our production rates for future projects is a game-changer" said Andy Leek, Vice President – Technology & Innovation, Paric Construction. (ENR Top 150 Contractor)
Kwant AI's platform supports customers, partners, and some of the largest builders in the world like Delta, DPR, Walbridge, Moretenson, Gilbane, Paric, McCarthy, Alberici, Comcast, and Wesco across airports, electric vehicle factories, roads, data centers, and commercial buildings with a portfolio value of over $60B.
Currently, Kwant AI is tackling several high-profile projects, helping prevent construction delays, and more importantly keeping workers safe. Recently, Kwant AI helped prevent fatal accidents. Malbro Construction saw an increase of 11% greater productivity from proactive alerts and data-driven insights.
About Kwant AI
Kwant AI is a New York-based AI software company that focuses on supporting industrial job sites with real-time data, predictive analytics, and safe environments for a brighter future. Visit www.kwant.ai