SiteAware announces $10 million round A to promote AI construction solution
The Israeli company has developed a standard it has named digital construction verification (DCV) that verifies completeness of work on building sites and identifies deviations in real-time
20:3308.10.20
Israeli AI company SiteAware announced the completion of a $10 million round A on Thursday. The round was led by Axon Ventures and Robert Bosch Venture Capital, the VC arm of Bosch Group, with existing investors lool Ventures, Oryzn Ventures, The Flying Object, and Power Capital Venture also all participating in the round. The new round takes SiteAware’s total funding to date to $15 million.
SiteAware co-founders Ori Afek (right) and Zeev Braude. Photo: Nati Gold
SiteAware's platform provides standardization verification for construction work through AI tools developed at the company. The company has developed a standard it has named digital construction verification (DCV) that verifies completeness of work on building sites and identifies deviations in real-time, reducing long-term costs and risks resulting from errors.
SiteAware co-founders Ori Afek (right) and Zeev Braude. Photo: Nati Gold SiteAware's technology scans buildings under construction and creates a highly accurate 3D model of the verified area; the model is then verified against the approved construction plans to flag any inconsistפencies. The product provides a full picture of on-going construction work and exports any inconsistency, allowing the teams on the ground to make the necessary adjustments without incurring additional costs.
"The U.S. construction sector is estimated at $1.3 billion and provides a major contribution to the U.S. economy. The cost of errors and risk mitigation is at about 10-30% of this number," said SiteAware CEO Zeev Braude. "SiteAware's technology significantly reduces that cost for the end users. 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."
