White & Case has advised Texan construction technology startup AI Clearing Inc on a new round of seed funding led by Tera Ventures, joined by Inovo Venture Parners and Innovation Nest. Cooley reportedly advised the investors.
Financial details of the transaction were not disclosed.
According to White & Case, “AI Clearing analyzes overhead images, geospatial data, and CAD/BIM designs to monitor the progress of infrastructure projects, ensuring that production is on track, on time and in line with designs.” In addition, “[it] offers a proprietary AI solution that uses semantic segmentation to analyze images and data from construction designs and work sites, enabling contractors and investors to track the progress of infrastructure projects up to 144 times faster than typical human-powered processes.”
White & Case reported that the funds will be used to accelerate the development of AI Clearing’s artificial intelligence solution for monitoring the progress of construction projects.
The White & Case team included Warsaw-based Local Partner Michal Petz and Associates Wanda Kudrycka and Frankfurt-based Associate David Smith.