HOUSTON, Oct. 8, 2020 /PRNewswire/ -- SiteAware, the Israeli Artificial Intelligence (AI) construction verification software company, announced today the close of a $10 million Series A investment round, co-led by Axon Ventures and Robert Bosch Venture Capital GmbH. With offices and customers throughout the United States, the company will use the new funding to accelerate its expansion in the US market.
SiteAware's platform provides real-time, high accuracy verification of construction fieldwork through its purpose-built digital twinning engine, paired with AI anomaly detection. SiteAware is defining a new standard for Digital Construction Verification (DCV) to enable consistent, first-time quality and mitigate construction risks.
With a market size of $1.3 trillion, construction is a major contributor to the U.S. economy.
"The cost of construction errors and the risk mitigation costs contribute to 10%-30% of this number". SiteAware's technology significantly lowers this overhead, allowing for customers to reap the benefit," said Zeev Braude, SiteAware CEO.
SiteAware digitally scans buildings under construction and creates a highly accurate 3D model of the verified area. The model is then verified against the approved construction plans to flag any inconsistencies between plans and fieldwork. The result is a complete view, in real time, of the work performed that exposes any deviation from the plan, enabling field teams to make the necessary adjustments before needing to carry out reactive rework.
"By enabling general contractors and developers to reduce the cost of errors and better mitigate risk, the ripple effect lowers the cost of real estate, providing better value opportunities for home buyers," Braude added. "Our technology closes the gap between plans and field work, solving this very important challenge within the trillion dollar construction sector."
"SiteAware has built a state of the art technology which provides the digital value that the construction industry has been needing, and we're excited to join in their vision," said Arad Naveh, Partner at Axon VC. "We were highly impressed that they were able to build a customer base of market leaders, and moreover, the impact that SiteAware's tools are already making."
"SiteAware's purpose-built AI streamlines construction field work and will allow the industry to lower construction costs," said Dr. Ingo Ramesohl, Managing Director at Robert Bosch Venture Capital. "SiteAware's Digital Construction Verification (DCV) technology enables field teams to achieve First Time Quality (FTQ), and we believe it will become the new norm in the industry."
Existing investors, including lool Ventures, Oryzn Ventures, The Flying Object and Power Capital Venture also participated in the round.
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SiteAware is building the industry's first platform for digital construction verification (DCV). The platform verifies completeness of work and identifies deviations in real-time. SiteAware enables the project team to make timely decisions, lowering rework costs and eliminating defects and their long term consequences to General Contractors and Developers.
For more information on SiteAware, visit www.siteaware.com
About Axon VC
Axon VC is a Boutique VC dedicated to early stage investments in Alumni of top Technology Programs of the Israeli Army. Axon was founded by Talpiot Graduates, and is supported by the Talpiot community.
About RBVC Gmbh
Robert Bosch Venture Capital GmbH (RBVC) is the corporate venture capital company of the Bosch Group, a leading global supplier of technology and services. RBVC invests worldwide in innovative start-up companies at all stages of their development. Its investment activities focus on technology companies working in areas of business of current and future relevance for Bosch, above all, automation and electrification, energy efficiency, enabling technologies, and healthcare systems. RBVC also invests in services and business models that are relevant to the above-mentioned areas of business.
For more information on RBVC, visit www.rbvc.com