Provision, an AI co-pilot for construction estimators, raised $7 million in seed funding to enhance project estimation accuracy and address significant losses in the construction sector.

Target Information

We are proud to announce our investment in Provision, the pioneering AI co-pilot for construction estimators, within their $7 million seed funding round. Provision seeks to address a significant issue in the construction industry, where an estimated $500 billion is lost annually due to errors in project cost estimation. These errors often occur at the pre-construction stage, and Provision aims to rectify this with their advanced technology.

Provision empowers contractors, irrespective of their experience level, to accurately derive answers from sophisticated documents, enhancing the precision of project estimations. The company is making significant strides, having experienced nearly 10x growth in 2024 and currently managing a staggering $100 billion in project value, collaborating with some of the largest construction firms in Europe and Canada, including Ferrovial, EllisDon, PCL, Bird Construction, Acciona, and Colas. They are backed by prominent investors, including Y Combinator, and have recently received acclaim as winners of the ConTech Accelerator program by EllisDon and Impulse Partners.

Industry Overview

The construction industry is facing a critical challenge when it comes to project management and cost estimations. The legal binding nature of construction bids implies that any miscalculation can severely impact contractors’ prof