Kwant AI raises $3.9M to revolutionize workforce management on industrial jobsites
new YorkAI-based AI SaaS startup is bringing AI technology to the field, adding efficiency and safety to the global construction industry with the Workforce Record System.
NEW YORK, March 29, 2022 /PRNewswire/ — Today, Kwant AI announces a $3.9 million round with investments from LAUNCH, Fairstead, Pearl Fund, 7BC Venture Capital, Forefront Ventures, Martinson ventures and Serra Ventures. Funds will be allocated to facilitate customer expansion, platform scaling, and staff hiring.
Kwant AI protects lives and adds more than 15% to operational efficiency, saving huge costs for the construction industry. The solution has been proven to work in large deployments such as new airports in new YorkEV factories in Detroit and Tennessee with over 10,000 construction workers using technology daily.
Andre RomansGeneral 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 craftsmen, materials and equipment are routinely monitored. Kwant AI uses deep learning for precise x, y and z positioning of workers and assets. Then, Kwant AI aggregates unstructured data using artificial intelligence algorithms to detect patterns in thousands of project datasets, helping to deliver quality recommendations on road mapping.
“As a safety and productivity platform, when you look at other options on the market, Kwant is best in class for our large-scale projects. Our realized value has been avoiding job site closures by due to variations in security incidents and the pandemic, by gaining a more accurate understanding of the exact time and duration of exposures, evacuation and rescue, as well as tracking the use of assets and valuable equipment.
The area this system excels in is faster response times, accuracy, dashboard customization and their badges are ‘Made in America’ which improves certainty that deliveries are made on time,” said Jean Jurewicz, Chief Innovation Officer, Walbridge Construction. (ENR Top 48 Entrepreneurs)
Kwant AI’s platform was recently deployed at Park 79, a hotel conversion into affordable housing in new York, developed by Fairstead. Since November 2020, more than 200 registered workers, worker compliance and certifications, including OSHA and OHS cards, have been centralized in Kwant AI’s single database to ensure compliance and safety. Over 10,000 hours of worker data was collected from 39 different areas for tracking. Kwant AI also helped Fairstead manage and deploy COVID-19 protocols for temperature scans and contact tracing.
“Using the Kwant AI platform has helped us improve the tracking and efficiency of a complex project in the midst of a pandemic. This is cutting-edge technology that we are excited to deploy at future sites. With available capital and a diverse set of properties, Fairstead can invest in the latest technology solutions to drive our industry forward,” said Tyler McIntyreManaging Partner, Design and Construction, at Fairstead.
“Kwant combines field staff timesheet tracking with fully integrated 5D-BIM, allowing us to analyze daily productivity and work in progress on all our projects with dashboards and detailed information, as well as scheduled reporting. They also worked with us to integrate the timesheet service with our accounting ERP to streamline reporting for payroll. Overall, this helps us understand project performance and adjust proactively our labor plan, and updating the timesheet and WIP through the template saves us 8-10 per week by not having to manually measure and calculate quantities of materials. Looking forward to the opportunity to analyze and forecast our production rates for future projects is a game changer,” said andy leek, Vice President – Technology & Innovation, Paric Construction. (ENR Top 150 company)
Kwant AI uses low-power sensors with long battery life to collect real-time data, predictive analytics for high risks, and send daily alerts. The network penetrates through building materials and can cover up to 15 miles allowing communication in all directions.
Kwant AI’s platform supports customers, partners and some of the world’s largest manufacturers such as Delta, DPR, Walbridge, Moretenson, Gilbane, Paric, McCarthy, Alberici, Comcast and Wesco in airports, factories of electric vehicles, roads, data centers, and commercial buildings with a portfolio value greater than $60 billion.
Currently, Kwant AI is tackling several large-scale projects, helping to prevent construction delays and, more importantly, keeping workers safe. Recently, Kwant AI has helped prevent fatal accidents. Malbro Construction saw an 11% increase in productivity thanks to proactive alerts and data-driven insights.
About Kwant AI
Kwant AI is a new YorkAn AI-powered software company focused on supporting industrial job sites with real-time data, predictive analytics, and safe environments for a better future. Visit www.kwant.ai
SOURCE Kwant IA