Calgary-based startup OpenHouse.ai, which provides AI services for the residential construction sector, has closed a $1.5 million U.S. seed funding round, which it will use to increase its client base among home builders across North America.
The funding will enable OpenHouse.ai to continue to invest in its offerings and product development, optimize sales and marketing and “power up its repeatable and scalable growth model,” the company said.
The funding round was led by Trico Ventures Corp. with participation from several unnamed home builders in the U.S. and Canada.
The company aims to use AI to offer developers new tools to “optimize planning, improve efficiency and reduce waste in the construction process and better understand market demand and home buyers’ needs.”
“Our mission is to empower home builders to make better, data-informed decisions that create meaningful outcomes and help them to thrive in this challenging market,” said CEO and co-founder Will Zhang.
“Housing affordability and availability are significant challenges across North America. By leveraging AI, we can offer builders new solutions to manage their risks and navigate cyclical market conditions with confidence and predictability, improving productivity to deliver homes more efficiently and increase profitability by matching sales to market demand.”
Founded in 2018, OpenHouse.ai seeks to deploy advanced technologies to accelerate digital transformation in what it calls a “traditional and often slow-to-change industry.”
OpenConnect, which it launched in 2022, uses AI-driven personalization to help home builders understand buyers’ needs, forecasting market demand and shifts in buyer behavior. According to the company, it seeks to “identify bottlenecks and prioritize actions to optimize construction operations, reduce construction cycle time and minimize waste.”
In the last year, OpenHouse.ai has entered new U.S. markets, such as Washington, Colorado, and Tennessee, as well as expanding in Alberta, Canada.