AICrete, a Richmond, CA-based recipe-as-a-service platform optimizing local materials for cleaner and more cost-efficient concrete, announced that it raised $4 million in seed funding.
The round was led by CLEAR Ventures and VoLo Earth Ventures, with participation from Cortical Ventures and one of the world's leading manufacturers of concrete and building materials.
AICrete will use this round of funding to expand its paid proof of concept program to several key concrete producers to illustrate AICrete's current capabilities; expand its database and further improve its predictive machine learning models, and automate data collection through the development of software and robotic systems.
With these activities underway, AICrete will move closer to its ultimate goal of developing vertical AI-powered software solutions for concrete optimization that increase efficiency gains, profitability, and sustainability.
In connection with their investment, Vijay Reddy, Partner at CLEAR Ventures, and Kareem Dabbagh, Managing Partner of VoLo Earth Ventures, will join the AICrete Board of Directors.
"The concrete industry is at a crossroads that requires it to innovate and optimize. AICrete's mission is to hasten the coming of age of predictable, cost-effective, durable, and sustainable concrete in real-time," stated Parham Aghdasi, Founder and CEO of AICrete. "Through the use of AI, we're able to reduce emissions by up to 35% and at least double profit margins for concrete producers.
Company: AICRETE Corp.
Raised: $4.0M
Round: Seed Round
Funding Month: September 2022
Lead Investors: CLEAR Ventures and VoLo Earth Ventures
Additional Investors: Cortical Ventures
Company Website: http://aicrete.com/
Software Category: Recipe-as-a-Service platform
About the Company: Founded by Parham Aghdasi in 2020 and located in Silicon Valley, AICRETE aims to reduce the cost and environmental impact of concrete through a unique "recipe-as-a-service" approach that leverages artificial intelligence (AI), machine learning, and domain knowledge. AICRETE's platform works with concrete producers to optimize local materials to minimize their concrete mixture costs and reduce their CO2 footprint by up to 35%. AICrete minimizes concrete's cost and environmental impact through a unique approach that leverages machine learning. AICrete's mission is to double the profitability of ready-mix and precast concrete producers and reduce their CO2 emissions by up to 35%.
Source: https://www.prnewswire.com/news-releases/sustainable-and-ai-concrete-startup-aicrete-announces-4-million-seed-funding-301629768.html