Digital Construction Verification (DCV) technology developer SiteAware announced on Wednesday a $15 million Series B financing round led by Vertex Ventures, with participation from existing investors Robert Bosch Venture, Axon Ventures, Oryzn Capital GmbH, lool Ventures, and The Flying Object.
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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 artificial intelligence (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 is documented using drones, on-site cameras, 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.
"SiteAware's DCV error prevention technology is disrupting the construction industry by dramatically accelerating schedules and streamlining work processes for all parties. In the next few years, everyone from contractors to developers will be using DCV to build without rework," said Zeev Braude, CEO of SiteAware.
"DCV gives the construction ecosystem access to data they've never had before, data that holds the key to the next jump in productivity for the industry," Braude said.
