MANALAPAN, NJ, September 16th, 2024 – PinPoint Analytics, a startup that harnesses the power of artificial intelligence (AI) to streamline the road construction industry’s bidding and estimating process, has secured $3.2MM in seed funding. The funding round was led by HG Ventures, the corporate venture arm of The Heritage Group, and Compose VC participated.
Contractors in the $200B+ construction industry have long struggled to access and leverage the massive amount of valuable data buried in historical project bids and elsewhere in ways that would enable them to prepare more accurate competitive bids for infrastructure and building projects. PinPoint Analytics solves this challenge by using historical bid results and advanced algorithms to analyze millions of data points, enabling users to optimize their cost estimates.
Better Data for a Better Bid Process
The PinPoint Analytics platform analyzes and makes recommendations based on variables including materials, labor, equipment, supply chain logistics, and competitor analysis, automatically adjusting for seasonality, geography, and market conditions.
Contractors can save hundreds of hours on the typical estimating process and still deliver a bid that has the lowest overall cost while optimizing margin. Meanwhile, government agencies and their engineering partners using the platform can efficiently put together project budgets with accurate real-time trend analysis, cutting down on inaccurate estimates and costly delays and re-bids.
PinPoint Analytics was co-founded by CEO Jim Carr, a seasoned entrepreneur with multiple successful startup exits. Carr has two decades of startup and professional experience in data and analytics and is complemented both by his team of experts in the heavy construction industry as well as that of The Heritage Group. Long time advisor, Mark Zuradai, is moving into a full-time role as Chief Operating Officer, leveraging his vast entrepreneurial experience in product, tech, artificial intelligence, and sales and marketing.
“Until now, construction companies’ estimating teams have had to make do with a labor-intensive process that relies on human judgment to fill in the gaps in the available data,” said Carr. “Our platform leverages all the recent advances in AI and machine learning to remove the guesswork, saving a massive amount of time, producing higher quality estimates in a matter of minutes.”
HG Ventures Managing Director, Kip Frey, will take a seat on the PinPoint Analytics board. “We are always seeking investments with the potential to transform the industries in which The Heritage Group operates, and PinPoint Analytics is a great example of that,” said Frey. “We have long understood that the use of machine learning is critical to the future success of the construction industry, but existing software solutions only provide a partial picture. PinPoint’s advanced algorithms change the game, and we see huge advantages for the whole sector.”
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About PinPoint Analytics
PinPoint Analytics is a pioneering artificial intelligence-driven platform that revolutionizes construction data management and analysis. By leveraging advanced machine learning algorithms, PinPoint analyzes vast quantities of data, enabling general contractors in the public construction sector to achieve remarkable success. Through PinPoint, contractors gain a competitive edge, securing more bids, optimizing profit margins, and significantly reducing the time typically required for complex manual estimates. Additionally, PinPoint empowers municipalities to establish accurate budgets for their projects, minimizing financial risks and avoiding the need for costly re-bidding procedures.