SiteAware is an Israeli company that makes efficient use of Artificial intelligence (AI) on multiple construction sites and reduces the chances of errors. Currently, it has successfully secured funds of $10 million from various venture capitalist firms such as Robert Bosch Venture Capital GmbH and Axon Ventures. The news release by the company on Thursday announced the successful acquisition of funds.
SiteAware does not only operate in the country of Israel. It has many offices located in the United States. Part of the funding, according to the company, will be used to grow and expand its functions. Their main focus will lie on the US market.
Currently, SiteAware is putting valuable time and effort into developing a new standard for Digital Construction Verification (DCV). Their work on this is to enable first-time and consistent quality and mitigate the risks of construction. The Israeli company is expected to rake in a major stake in the US construction industry, which has a market size of nearly $1.3 trillion.
SiteAware CEO, Zeev Braude, gave a statement regarding the company’s technology. He informed that the cost of risk mitigation and construction errors contribute to nearly 10% to 30% of $1.3 trillion. Thus, the technology used by SiteAware works to help lower overheads. This also allows customers to reap benefits.
SiteWare uses cutting-edge technology to digitally scan buildings that are under construction. By doing so, it is able to create accurate 3D models of only the verified sites to be developed. The digitally-rendered model is then placed against the construction site that has been approved. This helps detect inconsistencies and flaws between fieldwork and planned development.
Real-time flagging protocols are also utilized to point out if there have been any deviations from the original plan. This leads to better preparedness on the part of construction teams. They can make significant and much-needed changes to ensure that no major structural errors occur.
Braude added that with the help of developers and general contractors, risk can be better mitigated and the cost of errors can be reduced. Moreover, the ripple effect decreases the cost of real estate. Thus, homebuyers can now enjoy better value opportunities.
According to the CEO, their technology is efficient enough to close the gap between fieldwork and plans. It is Braude’s hope that the technology will aid in overcoming an important challenge faced by the trillion-dollar construction industry.