We’re excited to announce our investment in Provision, the first AI co-pilot for construction estimators, for their $7M seed round!
$500B is lost every year due to errors in project cost estimation - errors that could have been caught at the pre-construction stage.
Provision is solving this by building the most accurate AI co-pilot for construction estimators. With Provision, contractors, regardless of experience, can extract answers from complex documents, both image- and text- based, and with best-in-class accuracy.
We first backed Provision in their 2022 pre-seed, and we're delighted to have accompanied these impressive founders during the company’s rapid progress.
“It’s a testament to the strength of the founding team that Provision has assembled such an impressive list of customers while remaining agile,” says Semyon Dukach, Founding Partner at One Way Ventures.
Provision saw nearly 10x growth in 2024, and they have reviewed $100B in project value to date, working with some of the largest construction companies in Europe and Canada, such as Ferrovial, EllisDon, PCL, Bird Construction, Acciona and Colas.
They’re backed by Y Combinator, and in 2023 they won the ConTech Accelerator by EllisDon and Impulse Partners.
Fixing a weak link
Provision is tackling a critical weak point in construction project management. Construction bids are mostly legally binding, meaning that any miscalculation decimates contractors’ profits and can generate legal issues.
Around 25% of companies would go broke after just 2-3 bad estimates.
Provision leveraged AI to fix a time-intensive and delicate process. “Luigi and Brendan saw that the generative AI chatbots that contractors were turning to weren’t capable of extracting cost estimates from complex documents, so they built a solution,” says Semyon.
Provision enables constructors to bid on more projects, with greater accuracy and less risk, increasing profits.
New launch
Provision is also now launching a new tool in their journey to becoming the platform for companies to accurately “gut check” any pre-construction work.
The Scope Agent will enable contractors to build project scopes of work in minutes, rather than spending weeks sifting through drawings and documents to put together their trade packages.
One Way Ventures invested in this seed round alongside Cercano Management and Y Combinator, and Provision’s total funding is now at $8.7M.
We’re excited to see how Provision’s agent platform will continue to support contractors in the construction industry as they tackle hundreds of billions in lost profits.
