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Stock impact report

This AI Startup Is Cutting Through Construction Red Tape [Forbes]

Warner Music Group Corp. - Class A (WMG) 
Company Research Source: Forbes
One of the biggest roadblocks for home builders and construction developers is the gnarly process of obtaining permits , said Francis Thumpasery, CEO of AI-based permitting software startup PermitFlow. Filling out permits entails dealing with hundreds of documents and thousands of details, making it prone to errors . The rules and regulations are hyper localized and not easily accessible. All of that makes it a perfect problem for AI , Thumpasery said. PermitFlow uses AI models to help both commercial and residential developers search through different municipal websites and confirm permitting requirements, pull data from various documents, prepare applications and submit them. Through a set of AI agents , it can also help with licensing and inspections. The startup, whose customers include Amazon, Ikea and Lennar, announced today that it has raised $54 million in a Series B funding round led by Accel with participation from Kleiner Perkins and Felicis. It's now valued at roughly $ Show less Read more
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