Findable, based in Oslo, releases 2 million euros to automate building documentation
Europe’s 46 million non-residential buildings require documentation detailing their construction, management, maintenance and sometimes inspection. Digitally organized and searchable construction documentation enables confidence in construction data, reducing risk and business costs. Yet inefficient access to building documentation is estimated to cost building owners €2 per square meter per year on the continent.
An Oslo-based startup that automates construction documentation using AI, Findable has raised €2 million in funding to change the script. The funding round was led by KOMPAS, with participation from Construct Venture and Malling & Co Venture.
The funding will allow the platform to scale its product and expand its customer base as it plans to expand internationally.
Founded in 2020, the Norwegian startup digitizes building documentation, uses AI to automatically categorize documents, and allows users to locate specific information via a search function. The software can analyze titles, images, and drawings, and quickly conclude what the document shows and how it should be organized. This reduces the time-consuming, manual process of managing complex documents, allowing construction companies and facility managers to streamline the process of inspections and certifications.
Fredrik Halmøy Wisløff, CEO of Findable, said: “Developing documentation, organizing it and storing it, is a tedious task. Even today, it is still a largely manual process involving stacks of paper and stacks of ring binders. Similar to software that automatically sorts photo albums using facial recognition, our technology quickly identifies key data and makes it easier for relevant parties to access important information.
Sebastian Peck, Partner at KOMPAS added: “The facilities management industry in Europe is a massive market undergoing its own digital transformation. Findable’s solution provides easy access to the right building documentation, supports workflow automation and thus removes a major bottleneck.