Connect with us

Hi, what are you looking for?

Jewish Business News

VC, Investments

SiteAware raises $15 million to accelerate construction

The Israeli startup’s purpose-built digital twinning technology checks in real time that each installed part corresponds to the architectural designs.

Team SiteAware / Inbal Gron Photograph
SiteAware team / credit Inbal Gron

SiteAware, which develops Digital Construction Verification (DCV) technology, announced on Wednesday a $15 million Series B funding round led by Vertex Ventures Israel.

The round also included participation from existing investors Robert Bosch Venture Capital GmbH, Axon Ventures, Oryzn Capital, The Flying Object, and lool Ventures, which led the company’s seed round.

This funding round comes on the heels of a $10 million Series A round in October 2020.

Founded by Ori Afek and Zeev Braude in 2015, SiteAware has offices in Israel and Houston and employs approximately 50 employees, 35 of whom are in Israel.

SiteAware assists contractors and developers with AI-powered DCV technology which converts each construction piece from the project blueprints into tagged data, resulting in the creation of a digital twin of the structure under construction.

Each stage of new construction, whether the core, shell, or interior, is documented through the use of drones, on-site cameras, or human observers.

The photographs are sent to the SiteAware platform, which compares the images of the work performed on-site to the building’s digital twin in real time, confirming that everything went according to plan.

If the AI identifies any building faults, it is able to deliver actionable insights, allowing for fast correction.

SiteAware’s technology is a simple-to-implement turnkey solution that assists general contractors and developers in avoiding problems prior to their occurrence and reduces construction costs by limiting stakeholder exposure to unforeseen construction, insurance, and liability risks.

“SiteAware’s DCV error prevention technology is transforming the construction industry by significantly accelerating schedules and streamlining work procedures for all stakeholders. Within the next five years, everyone from contractors to developers will be able to construct without rework,” said SiteAware CEO Zeev Braude. “DCV provides the construction ecosystem with data it has never had before—data that holds the key to the industry’s next leap in productivity.”

“As the category pioneer, SiteAware is paving the way for the entire construction industry, enabling it to harness technology that will ultimately make it more efficient, transparent, and intelligent,” said Emanuel Timor, General Partner at Vertex Ventures.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.