Yahoo Finance Ex-Microsoft execs launch generative AI startup leveraging Apple Vision Pro with A$5.1 million investment
MELBOURNE, Australia , May 22, 2024 /PRNewswire/ -- AI venture studio InnovateGPT Group has invested A$5.1 million in a new generative AI company, SpatialGPT, which aims to redefine spatial environments across the architecture, construction, education, healthcare, and retail sectors.
InnovateGPT CEO George Stavrakakis and InnovateGPT CTO Rupert Walsh together spent more than 40 years in various executive roles at Microsoft in Australia.
George Stavrakakis held seats across Education, Government, partner ecosystem including being part of Microsoft Australia's senior leadership team and Rupert Walsh served as one of the tech giant's global CTOs in AI.
InnovateGPT has, in the first year of its operation, incubated and launched 13 AI startups including SkillsGPT and RedGridGPT, and invested over $15 million across the portfolio.
Robert Marolda's appointment as CEO of SpatialGPT highlights his 9+ years of experience at Microsoft, particularly in Modern Work and Security. His key role in launching Microsoft's E5 Security in Australia drove ongoing growth. Having recently been Director of Corporate & Commercial Sales at VMware, Marolda's CEO appointment underscores his strong leadership, positioning SpatialGPT for future expansion.
SpatialGPT is building AI-powered solutions using Microsoft Azure OpenAI Service, Microsoft Copilot, Apple Vision Pro, JigSpace, and other technologies to help organisations transform how spaces are constructed, managed, and used.
The solutions aim to boost operational efficiency by enhancing precision, minimising delays, and optimising costs and will include virtual reality walkthroughs for early design decisions, real-time progress tracking with automated reporting, and advanced data collection for risk mitigation and insurance claims.
SpatialGPT will initially focus on billion-dollar projects in the construction industry, offering a suite of AI-powered copilot solutions to optimise construction workflows. It will then expand into education, healthcare and retail, reimagining how spatial environments in these critical industries are used.
The construction industry accounts for around 10% of Australia's GDP, however, it has faced challenges related to productivity and efficiency, with construction productivity declining by 1.5% annually over the past two decades.
Stavrakakis and Walsh believe their combined decades of technology engineering experience, including leading AI innovation at Microsoft, will help SpatialGPT unlock billion-dollar opportunities in several industries.
George Stavrakakis, CEO at InnovateGPT, said: "Our decision to focus first on the construction sector stems from recognising its pivotal role in the economy and the substantial potential for positive change within this key area. It's clear that this sector not only plays a crucial role in our economy but also presents a ripe landscape for innovative advancements."
"With its wide-ranging applicability, SpatialGPT is set to revolutionise the construction industry and bring significant value to various sectors. Over the next 12 months, we aim to expand our market presence and deepen our engagement across industries."
Robert Marolda, CEO at SpatialGPT, said: "The launch of SpatialGPT, underscored by strategic collaborations and financial backing, signals a new era in redefining spatial environments in Australia. With a clear focus on innovation, partnership, and technological excellence, SpatialGPT is poised to lead transformational changes across multiple industries."
Matt Furse, Sofware-as-a-Service Partnership Lead at Microsoft Australia and New Zealand, said: "We're very excited to partner with SpatialGPT to help the construction industry and other critical sectors realise the significant potential of generative AI. By using our technologies, such as Azure OpenAI Service and Copilot, this collaboration will enable advancements in spatial environments that were once considered beyond reach."
SpatialGPT (spatialgpt.ai) is a cutting-edge AI company at the forefront of revolutionising spatial environments through the application of generative AI and spatial computing. Our innovative solutions are reshaping traditional industries, including construction, healthcare and education, by providing efficient, accurate and immersive experiences.
With a strong focus on technological innovation and strategic partnerships, SpatialGPT is committed to driving industry transformation and creating a more accessible and interconnected world. Our team of industry experts and visionaries is dedicated to pushing the boundaries of what's possible in spatial data analysis and visualisation.
InnovateGPT Group (www.innovategpt.com.au) is an AI venture studio. With over 50 years of combined experience at senior levels at Microsoft and Google, our team possesses unparalleled expertise in generative AI. We leverage this wisdom and ecosystem to transform traditional business models into tomorrow's generative AI leaders.
Our method is grounded in fundamental principles, ensuring a tailored, innovative solution for each client. By embracing the disruptive power of generative AI, we guide our partners to industry leadership.
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SOURCE SpatialGPT
