Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has always been plagued by inefficiencies, delays, and cost overruns. However, a Hyderabad-based startup, ProcureX, is determined to change this narrative by leveraging Artificial Intelligence (AI) to streamline the process. Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning.
Launched on May 9, 2024, ProcureX aims to tackle the construction sector’s inefficiencies by providing a platform that connects suppliers, contractors, and project owners in a seamless and efficient manner. With 10 companies and 150 suppliers onboard, ProcureX is poised to expand its services across Dubai and Saudi Arabia in the near future.
The construction industry is notorious for its inefficiencies, with delays and cost overruns being a common occurrence. According to a report by McKinsey, the global construction industry is plagued by inefficiencies that result in an estimated 30% loss in productivity. This is largely due to the manual and fragmented processes that are prevalent in the industry.
ProcureX’s AI-powered platform aims to address these inefficiencies by providing a comprehensive solution for the construction sector. The platform uses machine learning algorithms to analyze data and predict potential delays and cost overruns, allowing project owners and contractors to take proactive measures to mitigate these risks.
One of the key features of ProcureX’s platform is its ability to streamline material sourcing. The platform connects suppliers and contractors, enabling them to negotiate prices and terms in a transparent and efficient manner. This not only saves time but also reduces costs, as suppliers can negotiate better prices due to the increased competition.
In addition, ProcureX’s platform provides real-time project oversight, allowing project owners to monitor the progress of their projects in real-time. This enables them to identify potential issues early on and take corrective action, reducing delays and cost overruns.
The platform also offers advanced planning and scheduling capabilities, enabling contractors to optimize their workflows and reduce waste. This not only saves time but also reduces costs, as contractors can optimize their resource allocation and minimize delays.
ProcureX’s AI-powered platform is designed to be user-friendly and intuitive, making it easy for project owners, contractors, and suppliers to navigate the platform. The platform is accessible on mobile devices and desktops, making it easy to access and use on-the-go.
The startup has already made significant progress since its launch in May 2024. With 10 companies and 150 suppliers onboard, ProcureX is poised to expand its services across Dubai and Saudi Arabia in the near future. The startup has also received significant interest from investors, with several deals in the pipeline.
“We are excited about the potential of ProcureX to transform the construction industry,” said Aravind Maroju, Co-Founder of ProcureX. “Our AI-powered platform is designed to streamline the construction process, reducing delays and costs while improving productivity. We believe that our platform has the potential to be a game-changer in the industry.”
In conclusion, ProcureX is a Hyderabad-based startup that is using AI to cut construction delays and costs. The startup’s AI-powered platform offers a one-stop solution for material sourcing, project oversight, and planning, making it an attractive solution for project owners, contractors, and suppliers. With its user-friendly interface and advanced features, ProcureX is poised to revolutionize the construction industry and make it more efficient and productive.
