DEAL TALKS: James McDougall of Tera Ventures talks about leading the $2 million seed round to AI Clearing
EstVCA member Tera Ventures recently announced leading the $2 million seed funding round of AI Clearing Inc - a startup that analyses overhead images, geospatial data and CAD/BIM designs to monitor the progress of infrastructure projects. Our DEAL TALKS had a chat with James McDougall, Founding Partner of Tera Ventures to hear a bit more about the investment. Here’s what James said:
1. What makes AI CLEARING unique?
AI Clearing has developed a global first AI-powered platform for construction progress and payment approval based on geospatial data. The company’s Deep Learning model, AI Heart, crunches multiple data types and automatically delivers analysis and reporting. The AIC Engine processes inputs from construction projects and generates payment approvals based on accurately measured progress. The analysis can be done frequently preventing costly errors, re-works, and litigation.1. What makes AI CLEARING unique?
2. How is the investment used?
What are they aiming to achieve with the investment now on board, e.g. name key milestones for the next 12 months?
To further penetrate key reference accounts and other market segments in order to prepare for rapid international expansion
3. Impact and diversity
How do you assess the impact of their business and how diverse is the team?
The development team is based in Warsaw, Poland, and is expanding to Austin, TX to be near clients in North America with a global footprint.
Key advisors of the deal
Ellex Raidla, Cooley LLP and White & Case.
- Read more about the investment HERE