Founded in 2020, Gryps is a construction technology company headquartered in New York City. The company is building an AI-powered platform that eliminates laborious data entry, extracts information, and liberates project data. Gryps’ management has gathered years of experience working in developing and implementing technology applications for owners, construction managers, contractors and the largest projects in New York.
The company announced today it has raised $1.5 million that will be used to support product R&D and hire new employees, particularly engineers.
Gryps connects to multiple email, project management databases, and other systems to automatically scrape and organize documents during the construction process. The platform ingests things like manuals, warranty certificates, contracts, change orders, invoices, lien waivers, and other close-out documents from different sources and then applies machine learning to categorize the files and label them correctly so that they can be shared with various stakeholders.
Gryps employs APIs and digital robots to process the documents it collects. Leveraging a combination of natural language processing, machine learning, computer vision, and document understanding, the platform canvasses, ingests, and transforms construction project data.
Although the startup has a number of competitors in a global intelligent process automation sector, Gryps, which has three paying customers and several pilots, asserts that specializing in construction gives it a leg up over rivals focused on the broader market. To this end, one of the company’s first clients was the Javits Convention Center in New York. Gryps claims its software automatically ingested over 20,000 documents and 100,000 data points, collated them, and handed them over to the Javits team, with estimates putting the savings at hundreds of hours of staff time.
The moment to raise funds and accelerate the growth of Grysp seems to be right because the pandemic paused a lot of projects and provided executives and teams time to rethink their policies, procedures, and ways of doing business. Now these projects are coming back and the teams are determined to increase efficiency, and integrating new technologies is key to that goal.
