FOBECONa company based in Korea AI construction startup, raised pre-series A funding Since Xplor Investment And Magellan technology investment as it pushes to digitally transform the construction sector.
Founded in January 2024, FOBECON is a ConTech company that integrates AI into construction cost estimation. Its flagship product, AutoQTO, uses artificial intelligence to read unstructured data (drawings, quantities, specifications) and automatically calculate project costs. The platform targets large construction companies, transforming what was traditionally a manual and tedious process into something automated and standardized.
Magellan Technology Investment was impressed by FOBECON’s ability to handle messy and unstructured data and its track record of effectively implementing the technology in real projects. The company sees the startup as a company that could fundamentally reshape how construction works and wants to be a long-term partner on this journey.
What caught the attention of both investors was FOBECON’s practical experience (proof-of-concept projects with large builders and actual commercialization), combined with AI technology specifically designed for construction data. The round included money from construction companies’ CVCs, which should open the door to partnerships with major players like GS Engineering & Construction and Hoban Construction.
The funding will be used to develop AutoQTO 3.0, the next version of the platform. FOBECON plans to improve the accuracy with which it reads drawings, add features that allow teams to collaborate on large projects, and introduce cost forecasting and risk analysis based on past estimates. The goal is to become the standard platform for large and medium-sized Korean construction companies.
A company representative said bringing together construction CVCs and technology investors in one round was particularly meaningful. “This shows that people believe in both the technology and the market opportunities,” the representative said. “We will use AutoQTO to help Korean construction companies go digital faster and ultimately build a platform that works globally. In the long term, we don’t just rely on estimates: we want to be the data center for the entire construction lifecycle, from construction to operation.”