Contech start-up SiteAware Inc. has announced a $15m (c.£11.2m) funding round to build and sell its digital construction verification technology.
The Series B round brings the company’s total funding to $30m (c.£22.4m), money which SiteAware will use to grow its sales operations and improve its software capability.
The latest funding round was led by Vertex Ventures Israel, with participation from existing investors Robert Bosch Venture Capital GmbH, Axon Ventures Ltd., Oryzn Capital LP, The Flying Object, and Lool Ventures.
How it works
SiteAware’s software uses images captured by cameras and drones to create a digital twin of a building under construction.
It then compares the physical structure to the project plan to spot errors and anomalies that might require rework.
It utilises digital twin technology, which provides a software rendering of a physical asset that matches the characteristics exactly for the purpose of running simulations, testing performance, and modeling improvements.
SiteAware uploads images captured by a professional photography firm to its platform and compares them against the digital twin of the building.
The software can spot a wide variety of construction errors and alert contractors, so mistakes can be remedied immediately, according to the company.
Chief executive Zeev Braude said the company sees opportunity beyond the construction stage.
He said: “The data that we’re generating also has value for the maintenance of the building. It’s a fully digitized twin, and we believe the ability for building owners to use it for the long term is a growth area.”
Image: Fit Ztudio/Shutterstock
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