SiteAware secures $10 million to decrease construction errors using AI
The Israeli company SiteAware works by digitally scanning buildings under construction and creating accurate 3D models
By CODY LEVINEA sample of SiteAware's digitally-rendered construction site. (photo credit: Courtesy)
SiteAware, an Israeli company that utilizes Artificial Intelligence (AI) on construction sites to reduce the likelihood of errors, has secured $10 million in funding from several venture capitalist firms such as Axon Ventures and Robert Bosch Venture Capital GmbH, according to a press release from the company on Thursday.Beyond operating in Israel, SiteAware has offices throughout the United States, with the funding in part being used to expand its operations further in the US market.At the moment, SiteAware is working on a new standard for Digital Construction Verification (DCV) to enable consistent, first-time quality and mitigate construction risks, and is expected to take a major stake in a market size of $1.3 trillion as part of the US construction industry.“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 works by digitally scanning buildings under construction and creating accurate 3D models of the verified sites to be developed. This digitally-rendered model is then put against the approved construction site in order to detect inconsistencies between the planned development and fieldwork. Real-time flagging protocols are used to also show any deviations from the plan, allowing construction teams to make important changes to prevent major structural errors.“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 AxonVC.
“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.”Other venture capitalists to participate in the first funding round include lool Ventures, Oryzn Ventures, The Flying Object and Power Capital Venture.
