UK-based and Egypt-born AI design startup, CONIX.AI has closed a $1.3 million pre-seed lead by BIM Ventures, for their expansion into Saudi Arabia and further product development.
- Founded in 2020 by Yusuf Fahmy, CONIX.AI enables real estate developers and architects to generate designs and adaptive materials through its platform using its AI-based solution.
- It enables users to evaluate the validity of building sites and assess multiple scenarios in just a few minutes, produce design possibilities for a given site, and optimize spaces while simultaneously lowering the environmental impact.
- According to a McKinsey report, the architecture, engineering and construction industry is one of the least digitised industries in the world, which means that CONIX.AI has a lot of impacts to make in the $3.3 billion global architectural design market.
- Also, recent studies show that less than 2% of residential buildings worldwide are designed by architects; that means the potential is limitless in this untapped market.
- The funding will help the startup in expanding to Saudi Arabia and enhance its product. CONIX.AI says they preferred to start their global commercial expansion to Saudi Arabia because of its huge growth potential in the real estate industry in the region.