Robert Bosch Venture Capital co-leads USD 10 million investment round in SiteAware
Unlocking the full potential of the construction industry’s efficiency by decreasing construction errors
- Robert Bosch Venture Capital co-leads the funding round and invests together with Axon Ventures
- SiteAware is defining a new standard for Digital Construction Verification to enable consistent First Time Quality and mitigate construction risks.
- “SiteAware has the potential to revolutionize Quality Control (QC) and verification in the construction industry,” says RBVC managing director Dr. Ingo Ramesohl
Stuttgart, Germany – Robert Bosch Venture Capital GmbH (RBVC), the venture capital arm of the Bosch Group, co-leads a USD 10 million round A financing in Tel Aviv (IL) based SiteAware ltd., investing together with Axon Ventures. Existing investors, including lool Ventures, Oryzn Ventures, Kluz Ventures and Power Capital Venture also participated in the round. The proceeds of the round will be used to scale the company’s business across North America.
The Artificial Intelligence (AI) construction verification platform provides real-time, high accuracy quality control through its purpose-built digital twinning engine, paired with AI based anomaly detection. SiteAware is defining a new standard for Digital Construction Verification (DCV) to enable consistent First-Time Quality1 and mitigate construction risks.
“SiteAware’s purpose-built AI streamlines construction field work and would therefore allow the industry to lower construction costs,” says RBVC Managing Director Dr. Ingo Ramesohl. “SiteAware’s Digital Construction Verification technology enables field teams to achieve First Time Quality, and we believe it has the potential to revolutionize quality control (QC) and verification in the construction industry.”
Digital construction verification reduces costs and drives efficiency
Construction is a major contributor to the U.S. economy. The industry comprises of more than 680,000 employers with over seven million associates. This industry has been heavily relying solely upon human spot checks, while seeking the adequate tools and processes to perform comprehensive building verification. SiteAware’s enhanced solution provides the digital value add and, according to the Associated General Contractors of America (AGC), is addressing a USD 1.3 trillion market of new buildings each year. “The costs of construction errors and risk mitigation contribute 10%-30% of this number.” said Zeev Braude, SiteAware CEO. “SiteAware’s technology significantly lowers this overhead, allowing customers to reap the benefit.”
With the help of ground and drone-mounted cameras, SiteAware digitally 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 inconsistencies between plans and fieldwork. The result is a complete view, in real time, of the work performed that exposes any deviation from the plan, enabling field teams to make the necessary adjustments before needing to carry out reactive rework.
Furthermore, SiteAware’s 3D model enables an easy generation of an accurate As-Built model2 of the building. SiteAware’s scans save much time and resources and eliminates the physical measuring of the existing facility, which sometimes involves measures such as precision laser distance meters and 3D laser scanners.
“The need for DCV is even more evident during the COVID-19 pandemic. Implementing SiteAware’s solution enabled construction projects to maintain efficiency, make progress and adhere to schedule despite workforce reduction and social distancing”, added Ramesohl.
World class team developing breakthrough technology
The latest round of funding will enable SiteAware to expand its experienced management team led by CEO, Zeev Braude, and Co-founder and CTO, Ori Aphek. Both Zeev and Ori bring a combined 40 years of business industry experience. Zeev’s business leadership track record in B2B enterprise and SaaS products in rapidly changing environments, together with Ori’s experience in building optical and computer vision solutions is the necessary force in leading SiteAware to becoming the market leader within an industry ready for a digital upgrade.
1 First Time Quality (FTQ) is a manufacturing term for a metric indicating to what extent parts are manufactured correctly the first time without need for inspection, rework, or replacement. The same principals apply to construction.
2 As-Built models represent a building or space as it was actually constructed. As-built documentation is developed after construction (or a particular phase of construction), either immediately or at any time following.
Further Information: https://www.bosch-presse.de
Image: Zeev Braude, Co-founder and CEO (left), and Ori Aphek, Co-founder and CTO (right)