nPlan, a company that uses machine learning to forecast the duration, risks and opportunities of construction projects, has secured an $18.5m investment round, led by GV (formerly Google Ventures).
The company’s proprietary AI algorithms have analysed nearly $1tn worth of global construction projects and deploys this learning to spot delays and recommend improvements with an accuracy and scale previously not possible.
In doing so, nPlan’s data-led insights effectively reduce the volatility of and increase investor confidence in construction projects.
As well as GV, investors in the round include LocalGlobe, Pentech, Entrepreneur First and former McKinsey & Company managing director Sir Ian Davis. With nPlan already operating in eight countries for nearly 30 customers, covering commercial, infrastructure, transportation and energy construction projects, the investment will be used to scale its algorithm-led assurance platform and launch a new category of insurance, to cover against the damaging losses of project overruns.
CEO Dev Amratia and CTO Alan Mosca co-founded nPlan in 2017.
He said: “At a time of ongoing uncertainty, our goal is to provide confidence in a sector notorious for struggling to stick to deadlines or budgets. By using some of the most powerful machine learning capabilities in the world to analyse what worked and what didn’t in past projects, we can help our customers work out what’s going to derail their own initiatives, and stop problems happening before they even appear.”
“Through due diligence, we spoke to a range of customers and prospects, ranging from infrastructure owners like Network Rail or the largest tech companies to contractors such as SNC Lavalin. In all cases, we were blown away that those responsible saw the benefit of applying modern machine learning techniques to such a difficult analogue problem,” said Tom Hulme, General Partner at GV. “Enabling more efficient build in infrastructure is a multi-billion dollar opportunity, increasing by the day as governments drive investment post-pandemic. We couldn’t be more excited to see nPlan empower its customers to visualise and manage the project planning process, assess budgets, timeliness, and risk in an entirely novel way.”