In Medellin, Colombia, a construction worker exemplifies a broader industry challenge as homebuilding and commercial construction lag in modernization. Despite significant market size, these sectors remain among the least digitized, leading to inefficiencies and substantial productivity losses, estimated at nearly $1 trillion annually by McKinsey Global Institute. Historically, construction firms allocate less than 1% of revenues to IT, significantly lower than industries like automotive. Sarah Buchner, a former contractor, pivoted to tech after experiencing industry safety challenges. She developed Trunk Tools, a generative AI platform that automates tedious construction tasks, manages risks, and restructures unorganized documentation, vital for high-rise projects with millions of pages. Trunk Tools recently secured $40 million in Series B funding, reaching a total of $70 million, and is partnering with Microsoft to enhance construction workflows. This innovative approach aims to reduce cost and carbon emissions in the construction industry. Sign up for CNBC’s Property Play for real estate insights.
Source link
Share
Read more