MIAMI—As rising interest rates put pressure on the real estate market, developers are aggressively adopting new technologies to cut costs. One of those innovations is Togal.AI—a company that uses artificial intelligence to finish construction plans faster, so crews can break ground sooner. LabVentures, a VC fund and Startup Studio, just named Togal.AI one of the “Top Ten Startups Disrupting Miami’s Real Estate Market.”
“With a looming real estate slowdown, developers are doing everything they can right now to become more efficient,”said Patrick Murphy Togal.AI Founder and CEO. “We’ve had a wave of interest in our technology from investors and companies around the world.”
Togal.AI uses machine learning to automatically calculate the materials needed for large-scale construction projects. It crunches a process called “estimating,” which used to take weeks, into mere seconds.
“It’s huge because once you know the materials needed, you can estimate the cost, start orders, and break ground faster—saving time and money,” Murphy added. “There are more than 900,000 contractors in theU.S., and Togal.AI is salable to more than 260,000 of them with its current product, but plans on reaching the entire market with future product releases.”
According to McKinsey, the construction industry is the least digitized in the world and is ripe for disruption. Lab Ventures, based inMiami, invests in early-stage startups disrupting the real estate and construction industries and fosters relationships with a network of proptech investors.
About Togal.AI: Based in Miami,Florida, Togal.AI is one of the fastest-growing preconstruction technologies, with hundreds of users from some of the world’s largest contractors. In 2022, Togal won The Big 5 Global Construction Pitch Competition in Dubai and Miami’s eMerge Americas Startup competition judged by Shark Tank’s Kevin O’Leary. The company was featured on the EntrepreneurTV show Elevator Pitch, selected for Venture Atlanta, and has made BuiltWorlds’ Pre-Construction 50 List two years in a row, which names the hottest construction-tech companies in the world.