Continuum Industries raises £1.5m seed round
Continuum Industries, which provides AI tools for engineering professionals to rapidly design linear infrastructure projects and reduce their costs, has raised £1.5 million in seed funding to make its technology widely available to infrastructure planning and design teams around the world.
The round was co-led by Playfair Capital and Credo Ventures with participation from Techstart Ventures, Simon Blakey, Michael Blakey and others.
Founded out of Edinburgh in 2018 with initial backing from Skyscanner’s Gareth Williams, Continuum Industries has created the CI Engine, which allows its users to automate their existing engineering design process and use AI, like a co-pilot, to explore millions of design options in rich detail.
Continuum Industries’ CI Engine enables infrastructure planning and design teams to drastically cut down the time spent on early-stage design work via automation of design processes and decisions that traditionally happen in spreadsheets and emails. The initial stages of the design process can be cut from months to a matter of days.
As many governments look to infrastructure investment as a tool for economic recovery this year and next, they will want to move from ideas to actual construction as fast as possible.
Continuum Industries believes that new approaches that embrace automation and AI are critical to achieving this and will use its funding to build relationships with new customers, accelerate product development and expand to all types of linear infrastructure: railways, roads, pipelines and power lines.
Grzegorz Marecki, co-founder and CEO said: “Infrastructure like roads, water pipelines or transmission lines is fundamental to our modern way of life and to the global economy. Yet, nine out of ten infrastructure projects are behind schedule or over budget. What’s more, productivity of the construction industry has not increased in the last thirty years.”
“Continuum Industries brings an AI-powered alternative to help the construction industry increase its productivity and meet the demand.”
Chris Smith, Managing Partner at Playfair Capital, who joined the company’s board of directors, added: “We are delighted to have co-led this investment round with Credo Ventures in Prague and with support from Techstart Ventures in Edinburgh.
“Even at this relatively early stage, the technology Continuum Industries has built is a genuine game-changer, enabling significant time and cost savings for all parties involved in designing and constructing linear infrastructure projects. With signed customers across Europe and a growing global pipeline of interest we are excited to be onboard to support the team through the next phase of growth.”
Jan Habermann, Partner at Credo Ventures, said: “Continuum Industries opens up a new vertical that has not yet been much digitised and brings a unique tool that has a huge potential to significantly decrease costs and increase efficiency for all stakeholders in infrastructure projects.
“It was an easy decision for us to back this company since the market opportunity is definitely huge and the founders showed an unprecedented combination of technical knowledge with an understanding of the business opportunity.“