Last Updated on March 27, 2023 by Construction Digest
Miami-based Togal.AI, a startup that utilizes artificial intelligence (AI) to simplify and streamline the planning process for construction projects, has raised $5 million in a Pre-Series A SAFE round.
Notable investors include executives from Goldman Sachs, Minitab, and Meta, as well as Coastal Construction and Florida Funders. Founded in 2019 by Patrick Murphy, a former US Congressman,
Togal.AI aims to assist humans in estimating the costs of various elements of the construction process and manage bids with subcontractors using its machine learning engine.
The platform reduces errors and labor costs, detecting and measuring project spaces accurately within seconds with 97% accuracy, a process that previously used to take hours or days.
The new funding will be used to support Togal.AI’s hiring and product development efforts.
The startup currently serves 25 out of the 400 largest contractors in the US, including DPR, Clark Construction, Stiles, Total Flooring, and Coastal Construction. Togal.AI has also secured two patents and has eight patents pending.
Murphy founded Togal.AI with seed funding from Coastal Construction, his family’s firm, after realizing that the largest part of their overhead was the estimating department. With the new AI solution, Murphy believes humans can focus on higher value tasks, leading to a higher probability of winning more work.
Saxon Baum, a partner at Florida Funders, which led Togal.AI’s funding round, praised the company’s innovative use of AI to disrupt a growing industry.
Togal.AI has already won a number of awards, including the grand prize on the eMerge Americas main stage last year and the startup pitch competition at The Big 5, the largest global construction industry event in Dubai. It is also a finalist for the National Associated General Contractor’s Innovation of the Year Award.
As proptech continues to grow in South Florida, Togal.AI leads the way in transforming the construction industry with its innovative use of AI. Murphy believes that the next decade will be transformative for the industry, and he is excited to be at the forefront of this change.