Israeli startup SiteAware (formerly Dronomy) announced the completion of a $10 million Series A funding round. The investment was led by Axon and Robert Bosch Venture Capital, which is the investment arm of German tech giant Bosch. Existing investors, including Lool Ventures, Oryzn Ventures, The Flying Object and Power Capital Venture also participated in the round.
SiteAware develops a system that can detect and prevent mishaps in the construction process, potentially saving millions in pesky and mostly pricey expenses.
Follows each stage, and flags when an issue is detected
SiteAware’s system scans all buildings on the construction site and creates an accurate 3D model, to the brick. Then the 3D model is compared with the originally approved building blueprints and scans the construction process for any discrepancies, small or large. When mistakes are built into a building, it’s not just the esthetics of it that’s a problem. These discrepancies can cost contractors quite a bit of coin, and often the expenses are rolled over onto the potential buyers’ dime.
"The cost of construction errors and the risk mitigation costs contribute to 10%-30% of this number". SiteAware's technology significantly lowers this overhead, allowing for customers to reap the benefit," said Zeev Braude, SiteAware CEO.
The company claims that its AI-powered construction verification software can significantly cut costs for developers, meaning even more savings for the eventual property buyer. There are more than a few Israeli startups aiming to innovate the very traditional construction industry, and in a conversation with Geektime CEO and founder Zeev Braude tells that the company utilizes a proprietary photogrammetry engine that can create a digital twin of a construction site.
"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," Braude added. "Our technology closes the gap between plans and field work, solving this very important challenge within the trillion dollar construction sector."
SiteAware was founded in 2015 by Zeev Braude, and employs a team of 30 people, with most of them based in Israel and a small team in the U.S. The company aims to use the funds for further U.S. expansion.