One of the 20 largest general contractors in the U.S. is leveraging Palantir Technologies Inc.’s artificial intelligence to streamline its workflows.
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McCarthy Building Cos. has partnered with Palantir to create an interconnected AI operating system that will help superintendents and their field teams with real-time insights, scenario planning and risk analysis, according to a Thursday press release.
McCarthy said the platform, dubbed AI Operations Suite-Pulse, will help teams consider options and make faster decisions at construction sites.
“Palantir brings exceptional engineering talent and strategic thought leadership that has accelerated our ability to transform complex operational concepts into scalable solutions faster than we thought possible,” McCarthy Chief Digital Officer Justin McFarland said in the release.
The firm expects Palantir’s technology to help with project cost estimating, contracts, bidding, logistics, equipment planning and overall company workflows. It did not say how the use of AI will impact its overall workforce.
The firm did not immediately respond to a request for comment.
A slate of companies have recently announced partnerships with Palantir, including Google Cloud Marketplace, law firm Kirkland & Ellis for private equity fundraising and Mexico’s largest insurer, GNP Seguros, with a multimillion-dollar enterprise expansion agreement.
Other AI operators are also expanding their partnerships, potentially threatening the existence of property technology platforms, Bisnow reported. Last month, Anthropic announced a $1.5B joint venture with financial firms including Blackstone and Goldman Sachs for customer support platforms. And OpenAI announced a $10B joint venture with TPG, Brookfield, BainCapital, SoftBank, Advent and Dragoneer for their real estate portfolios.
But corporate investment in AI systems has so far been disappointing, according to a recent Bain & Co. survey.
About 40% of companies with $100M or more in revenues said they saw cost reductions of 10% or less, and only 4% of those companies surveyed saw AI-related savings that exceeded 30%, Bloomberg reported.
The survey found that many companies plan to invest more dollars in further AI enhancements despite the misses in the first rounds of expected savings.
“The technology worked. The value didn’t arrive,” Bain & Co. said in the report, according to Bloomberg.
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