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.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
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.