AI (Artificial Intelligence): Poised To Transform The Massive Construction Industry

In May, Procore Technologies launched its IPO and the shares jumped by 31%. The company, which operates a leading cloud-based platform to manage construction projects, has over 800 customers and the ARR (Annual Recurring Revenue) is more than $400 million.

But if you look at the S-1 filing, there are some interesting details about the construction industry. For example, the investment in technologies has generally lagged (this is based on research from McKinsey) and the levels are only more than for agriculture and hunting. 

“The construction industry has historically been comprised of fragmented project teams which used complex work processes that were executed in siloed systems,” said Karthik Venkatasubramanian, who

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