SiteAware Raises $15 Million Series B to Drive the Evolution of Construction Using AI
The Company’s Digital Construction Verification platform enables contractors to keep up with the fast pace of construction projects by bridging the gap between plans and implementation in real time, minimizing risk and significantly reducing overall costs
SiteAware, the pioneers of Digital Construction Verification (DCV) technology, announced today a $15 million Series B financing round led by Vertex Ventures, with participation from existing investors Bosch, Axon, Orizon, and lool Ventures. The company plans to use the funds to further scale its industry presence and to make Digital Construction Verification the new standard throughout the US construction industry.
SiteAware was created to help contractors and developers overcome these challenges. The company’s unique AI-powered DCV platform turns every construction element from the project plans into tagged data to create a digital twin of the building under construction. Each stage of new construction, be it the core, shell, or interior, is documented using drones, on-sitecameras, or people on the ground. The images are then immediately uploaded into the SiteAware platform which automatically compares the images of the work done on site against the digital twin of the building, ensuring in real time that everything was built according to plan. Should the AI find any construction errors, it’s able to provide actionable insights so mistakes can be remedied immediately. SiteAware’s technology is an easy to implement turnkey solution which helps general contractors and developers avoid problems before they occur, as well as drives down construction costs by limiting stakeholder exposure to unforeseen construction, insurance, and liability risks.
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“Given the complexity inherent in today’s building processes due to the number of people involved, construction errors and the resulting need for rework are an ever increasing problem ,” said Zeev Braude, CEO of SiteAware. “SiteAware’s software provides construction companies access to data they never had before, preventing these errors and the need for rework from the outset instead of managing them after the fact. Companies that have adopted SiteAware’s technology have achieved dramatic acceleration of schedules, and streamlined work processes with all parties involved in a construction project.”
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“SiteAware’s DCV is a game changer for the construction industry,” said Emanuel Timor, General Partner at Vertex. “As the first mover in this new category, SiteAware is blazing a trail for the entire construction industry to follow, ultimately allowing the sector to leverage technologies that will make it more efficient, transparent and smarter. We look forward to working closely with the team at SiteAware as it expands its footprint and deepens its work with industry leaders around the world.”
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