SmartPM, the Atlanta-based full-service project analytics system focused on the construction industry, raised $785,000 through a group of angel investors.
Founder and CEO Michael Pink told Hypepotamus that “part of our funding will push us into AI and machine learning so that we can use datasets in a much more impactful manner.”
The funding will also be used to grow the team up to 15 members over the course of the year.
Pink, a Georgia Tech graduate, started working on the idea after seeing the pain points of putting together a large commercial construction project during his time as a consultant.
“Lot of times, projects were ending up in disputes. Half of the work we did was helping people detangle the mess of data that would ultimately explain what problems happened, who caused them, and how much it would cost,” said Pink.
The platform analyzes schedule data, performance, delays, budget costs, and looks to asses deadline feasibility and possible risks associated with construction.
Hypepotamus first spoke with Pink back in 2019 as SmartPM rolled out its stand-alone software. Since then, of course, COVID has drastically changed how the construction industry conducts business.
As owners halted buying software, the team focused on putting out quality resources for those in the shifting construction industry. “That gave us a lot of brand awareness and we started to build trust in the industry,” he added.
As construction picks up again in 2021, Pink says the team has narrowed in on contractors, construction companies, and those in the insurance space as key clients. For consultants, “we knew that the disruption [from COVID] is going to result in a lot of claims, and consultants were going to be overwhelmed in 2021.”
It appears their tactic has been working, as the team reported its customer base has grown by 250%.