Kiilto Ventures has made an equity investment in Aiforsite, a company that has developed a data-driven production control solution and a third-party platform for the construction industry. The solution provides customers with the opportunity to halve the construction time of projects and double profitability by utilizing IoT, data and AI.
Kiilto Venture’s investment will provide Aiforsite with the necessary resources in the mid-term to boost its growth and internationalization. Furthermore, Kiilto and Aiforsite will explore cooperation opportunities related to product development and commercialization that Kiilto’s network would provide.
The investment enables Aiforsite to pursue its ambitious growth and development strategy. As a future-oriented player in the construction business Kiilto sees interesting possibilities in the cooperation:
“The construction business is in an interesting stage where productivity, quality and resource efficiency can be radically improved. Aiforsite offers a holistic solution that can potentially drive the development of the whole industry, and we at Kiilto want to promote and drive this kind of development,” says Kiilto’s Chief Business Development Officer Ville Solja on behalf of Kiilto Ventures.
Aiming to improve profitability throughout the industry
Aiforsite’s customers already include major construction companies and industrial players in Finland, the USA and Norway, and the solution has been honed with customers on more than fifty construction sites. With the investment, the company will secure the number of resources needed to support stronger growth and internationalization.
“Construction companies throughout the industry have begun to realize the amount of unproductive working time in their own processes and the potential to improve profitability. Therefore, the timing for stronger growth for Aiforsite is good,” states Kari Hirvijärvi, CEO of Aiforsite.
“We have a great solution and team on a global scale, ready-made plans for growth and now sufficient resources to implement them. Now the feeling is like the track is open to successful cooperation and growth,” adds Aiforsite’s COO Pyry Virrantaus.
Cooperation on many levels
Aiforsite’s solution is already scalable and generates significant customer value. With the investment, customer value will increase even more by developing a system data ontology to support easier usability and analytics of different data sources, as well as AI to increase the automation of the construction process management.
“I’m very excited about Kiilto Ventures getting Aiforsite onboard. Their team is very professional and committed to what they are doing. They have ambitious plans but feet on the ground. Furthermore, I’m personally looking forward to contributing to the future success of the company as a member of the board,” adds Solja.
Kiilto Ventures is part of Kiilto, a Finnish family-owned company operating in four business areas: construction, industrial bonding, professional hygiene and consumer business. Kiilto is committed to building a world that’s sustainable, safe and clean. Kiilto invests strongly in growth and renewal, determined to keep on reinventing and challenging itself beyond its present core business.
Aiforsite is changing the construction industry using its strong expertise and technological know-how. Development of the Aiforsite system began in Espoo’s Keilaranta in 2016. Aiforsite’s mission is to solve the productivity problem in the construction industry without compromising on quality and occupational safety by halving the project construction time and doubling profitability.