Have you ever done renovations on your house, and it takes much longer than you thought? Just when you think the path is clear and that the renovation will be finished by the scheduled date, another problem arises, and it gets postponed. And then postponed again, and again. If small renovations are such a headache, you can imagine the troubles real estate developers and construction sites come across. Just as their projects are much bigger, so are their headaches.
There are high rates of construction errors that contractors, real estate developers and investors alike are not pleased with. So much so, that such errors inflate the cost of construction by $273 billion in the U.S each year alone. Preventing these mistakes can mitigate numerous negative effects downstream, from rework and compromises on quality to overtime, litigation, and management time spent resolving issues.
There is an Israeli start-up whose product works to solve these issues for you. SiteAware, founded in 2015 by Guy Raz and Ori Aphek (CTO), has pioneered a digital construction verification (DCV) error prevention technology. The DCV harnesses data and uses AI to improve performance, which they gather from visual tools, autonomous drones, and smartphone-captured images. The platform streamlines construction and prevents errors by generating in-process actionable insights through complete verification of the building’s structure, shell, and interiors installation; it verifies each installed element against the building plans in real-time. The real-time actionable insights prevent errors and close the gap between plans and construction; it ensures that everything is built according to plans, with consistent quality and no need for rework.
Their error prevention technology is disrupting the construction industry by dramatically accelerating schedules and streamlining work processes for all parties. Their DCV gives the construction ecosystem access to data they’ve never had before. By analyzing data, they can reveal patterns that help managers uncover bottlenecks, prioritize fixes, and make better decisions about everything from the subcontractors they choose to where they can improve project coordination. Just like most industries, both new and old, leveraging technology and data is what holds the key to improving productivity, efficiency, and outcomes, for a better, smarter, and more transparent construction sector.
Just last week (Jan. 27th), SiteAware closed a $15 million Series B funding round led by Vertex Ventures Israel, bringing their total funding raised to $26.5 million. In 2021, they tripled their revenue growth and expanded their customer base to over forty of the leading developers and general contractors. The recent funds raised will help fuel continued growth and establish DCV as a new technological standard across the U.S construction industry.
