PinPoint Analytics, a startup based in Manalapan, New Jersey, has raised $3.2 million in seed funding to support its efforts in improving road construction project management through artificial intelligence (AI).
The funding round was led by HG Ventures, with additional backing from ComposeVC.
The new capital will be used to enhance the company’s operational capabilities and further develop its AI-driven platform, which is designed to streamline data management and analysis for the construction industry.
Led by CEO Jim Carr, PinPoint Analytics offers a platform that applies machine learning to large sets of construction-related data. This enables contractors, especially those in public construction, to make more informed decisions by analyzing factors such as materials, labor, equipment, supply chain logistics, and competitor activity. The system automatically adjusts for various conditions, including seasonality and geography, providing insights based on current market trends.
Additionally, PinPoint Analytics’ platform supports municipalities in creating more accurate project budgets, reducing financial risk and helping to avoid expensive re-bidding processes.
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By Proptechbuzz
By Ravi Kumar