Israeli Artificial Intelligence (AI) construction verification software company SiteAware today announced the closing of a $10 million Series A financing round co-led by Axon Ventures and Robert Bosch Venture Capital GmbH. Existing investors, including lool Ventures, Oryzn Ventures, The Flying Object and Power Capital Venture also participated in the round.
Formerly Dronomy, SiteAware was founded in 2018 by CTO Ori Aphek and Guy Raz who left the company. In 2018 CEO Zeev Braude joined as a founder. Initially the company focused on drone technology and in this way entered the construction sector, subsequently changing direction to concentrate on construction verification using machine learning and AI.
The company has raised $15 million to date including the latest financing and has 30 employees, most of them in Israel. The funds will be used to expand marketing in the US where the company has already opened offices.
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.
Braude told "Globes," "In construction work it's not always possible to repair mistakes and to correct them at the end of the project costs a lot of money. Our advantage is that we check all the building elements in real time such as if construction, piping and electricity are in place. Mistakes in building can lead to losing space or problems in the frame or leaks inside the building, which cause damage worth tens of millions of dollars."
He added, "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."
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.
Published by Globes, Israel business news - en.globes.co.il - on October 8, 2020
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