Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, delays, and cost overruns. However, a Hyderabad-based startup, ProcureX, is revolutionizing the sector by leveraging artificial intelligence (AI) to streamline processes, reduce costs, and maximize efficiency. Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX has been making waves in the industry since its launch on May 9, 2024.
In an exclusive interview with Startuppedia, the founders shared their vision for transforming the construction sector and their journey so far. “We saw an opportunity to use AI to identify and eliminate inefficiencies in the construction process. Our goal is to create a one-stop solution for material sourcing, project oversight, and planning,” said Aravind Maroju, co-founder of ProcureX.
The construction industry has always been plagued by delays, rework, and cost overruns. According to a report by McKinsey, the global construction industry is expected to grow to $15.5 trillion by 2030, but inefficiencies could result in losses of up to $1.9 trillion. ProcureX aims to bridge this gap by providing a cutting-edge AI-powered platform that can help contractors, developers, and architects streamline their operations.
The platform uses machine learning algorithms to analyze data from various sources, including project plans, material specifications, and supplier information. This data is then used to predict potential delays, identify areas of inefficiency, and provide real-time insights to project managers. The platform also integrates with existing construction management software, allowing users to access a centralized dashboard for monitoring and controlling projects.
ProcureX has already achieved significant success since its launch. The startup has onboarded 10 companies and 150 suppliers, with plans to expand across Dubai and Saudi Arabia. The founders believe that their AI-powered platform will not only reduce costs but also improve the overall efficiency of construction projects.
One of the key challenges that ProcureX faced was convincing stakeholders of the value proposition of their AI-powered platform. “Many construction companies are skeptical about adopting new technologies, especially AI. We had to work hard to educate them about the benefits of our platform and how it could help them reduce costs and improve efficiency,” said Narsi Reddy, co-founder of ProcureX.
The startup also faced the challenge of building a robust data infrastructure to support its AI-powered platform. “We had to develop a sophisticated data management system that could handle large amounts of data from various sources. This was a significant challenge, but we were able to overcome it by building a team of experienced data scientists and engineers,” said Thej Kiran, co-founder of ProcureX.
Despite the challenges, ProcureX is confident about its prospects in the construction industry. The startup is already seeing significant traction and is expected to expand rapidly in the coming months. As the founders of ProcureX look to the future, they are excited about the potential of AI to transform the construction sector.
In conclusion, ProcureX is a shining example of how AI can be used to cut construction delays and costs. The startup’s AI-powered platform has already achieved significant success, and it is well-positioned to become a major player in the construction industry. As the construction sector looks to the future, it is clear that AI-powered solutions like ProcureX will play a key role in transforming the way projects are planned, managed, and executed.
