The construction industry, one of the fastest-growing sectors globally, faces significant challenges in procurement management, often leading to delays, budget overruns, and inefficiencies. A newly established startup, ProcureX Technologies, founded by Aravind Maroju in February 2024, is tackling these issues head-on. By leveraging AI to automate and streamline procurement, ProcureX is helping construction projects reduce costs and stay on schedule.
ProcureX has raised close to $1 million in seed funding at a valuation of $5 million (₹40 crore). This investment allows the company to scale operations and extend its AI-driven platform’s reach. With plans to streamline communication, improve transparency, and replace outdated manual procurement processes, ProcureX is quickly gaining momentum.
Aravind Maroju, along with co-founders Narsi Reddy Posham, Thej Kiran Bitta, and Bharath Reddy Deveram, aims to address long-standing inefficiencies in procurement processes by introducing AI solutions that provide predictive insights, smarter supplier selection, and real-time communication between stakeholders.
How ProcureX is Transforming Construction Procurement
The AI-powered platform integrates advanced technologies to streamline repetitive procurement tasks, such as order creation, approval workflows, and invoice processing. This reduces manual errors and speeds up the procurement cycle, cutting down on delays and overruns. Moreover, the platform’s AI algorithms analyze historical data to forecast procurement needs and offer data-driven recommendations.
Key features of the platform include:
- AI-driven decision-making: Enhanced supplier evaluation, predictive analytics, and risk management.
- Improved collaboration: Centralized platform that ensures seamless communication between procurement teams, suppliers, and subcontractors.
- Supplier management tools: Real-time data on supplier performance for better procurement decisions.
Expansion Plans and Future Vision
With a current presence in Telangana, Andhra Pradesh, Kerala, and Bengaluru, ProcureX is gearing up for international expansion, focusing on the Middle East and Asia-Pacific (APAC) regions. The platform has already established partnerships with 150 suppliers and serves 15 buyers, and the company plans to further diversify its offerings, extending its AI solutions to the manufacturing sector, particularly in automotive.
ProcureX Technologies places a strong emphasis on R&D, exploring cutting-edge technologies like blockchain, IoT, and augmented reality (AR) to enhance its AI capabilities. By integrating IoT, the platform can gather real-time data from construction sites, further optimizing procurement decisions.
Industry Impact and Challenges
Since its launch, ProcureX has delivered impressive results, with users reporting a 5-7% reduction in procurement costs and a 20% decrease in project delays. Despite the slow adoption of new technology in the construction sector, ProcureX has managed to build trust through workshops, webinars, and real-world success stories.
As the company continues to expand and innovate, ProcureX is on track to become a key player in the construction procurement space, helping businesses navigate the complexities of procurement with AI-driven solutions.
