A Calgary-based company applying artificial intelligence solutions to the homebuilding industry has secured seed capital.
OpenHouse.ai announced this week a $1.5 million round led by Trico Ventures.
With over three million new homes needed by 2030 to address Canada’s housing crisis, developers require new tools to optimize planning and improve efficiency throughout the construction process, as well as better understand market demand and home buyers’ needs—and “AI holds the key,” according to the founders of local startup OpenHouse.
“By leveraging AI, we can offer builders new solutions to manage their risks and navigate cyclical market conditions with confidence and predictability, improving productivity to deliver homes more efficiently and increase profitability by matching sales to market demand,” stated cofounder Will Zhang.
Launched in 2022, Alberta’s OpenHouse.ai deploys technology to accelerate the digital transformation of a traditional industry through AI-driven personalization.
This includes products such as OpenPredict, which helps builders understand where the market is heading with foresight into market demand and shifting buyer behaviour, and OpenFlow, which brings everything together to identify bottlenecks and prioritize actions to optimize construction operations, reduce construction cycle time, and minimize waste.
The platform promises “accurate demand prediction and on-demand intelligence”— insights that allow builders to close more sales, build optimal products, and deliver world-class customer experiences, according to the company.
“Our mission is to empower home builders to make better, data-informed decisions that create meaningful outcomes and help them to thrive in this challenging market,” says Zhang, who serves his startup as chief executive officer. “Housing affordability and availability are significant challenges across North America.”
The new funding will equip OpenHouse.ai to deploy its product offerings to more home builders across North America and help address the housing supply gap, according to a statement released by the firm.