Provision
Category: AI in Analytics & BI
AI-powered contract analysis platform designed specifically for the construction industry Provision was founded in 2022. The company is led by Clem Teng. Based in San Francisco, USA. Team size: 10-50. Total funding raised: $8.7M. Latest round: Seed. Key investors include Cercano Management, Y Combinator, One Way Ventures, Founders Fund, Floodgate.
- Founded
- 2022
- Headquarters
- San Francisco, USA
- Team size
- 10-50
- Total funding
- $8.7M
Value proposition
Streamlines and automates the analysis of construction contracts and documents, enabling teams to identify and mitigate risks, save time, and prevent costly project delays
Products and solutions
AI-powered software platform for construction risk management and efficiency, Scope Agent for pre-construction workflows
Unique value
Specialized focus on construction industry with AI-powered contract analysis, described as 'Ironclad for construction'
Target customer
Construction companies and general contractors
Industries served
Construction
Technology advantage
AI-powered platform that provides real-time insights and predictive analytics for proactive risk management by automating document analysis
How they differentiate
Focuses on AI-powered contract analysis and cost estimation with broader scope than competitors who emphasize takeoffs
Main competitors
Togal.AI, Beam AI
Notable customers
Ferrovial, EllisDon, PCL, Bird Construction, Acciona, Colas
Major milestones
Raised $8.7M in total funding, Reviewed $100B in project value to date, Launched Scope Agent for pre-construction workflows
Growth metrics
Nearly 10× growth in 2024; reviewed $100B in project value to date
Market positioning
AI-native solution for construction estimators and pre-construction teams
Geographic focus
Primarily the United States
Patents and IP
No public information available
About Clem Teng
Senior Product Manager at Uber (2018-2022), Product Manager at Facebook (2015-2018), Program Manager at Microsoft (2012-2015)
Official website: https://www.provision.com