AI startup SiteAware secured $10 Million in Series A funding

SiteAware, an Israeli Artificial Intelligence construction verification software company, has now secured a $10 million in Series A funding.

SiteAware is founded by the Zeev Braude. It is a platform that provides real-time, high accuracy verification of construction fieldwork via its purpose-built digital twining engine, coupled with AI anomaly detection.

The company 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 the fieldwork and plan.

Zeev Braude, SiteAware CEO, said, "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. 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. Our technology closes the gap between plans and field work, solving this very important challenge within the trillion dollar construction sector."

Arad Naveh, Partner at Axon VC, said, "SiteAware has built a state of the art technology which provides the digital value that the construction industry has been needing, and we're excited to join in their vision. We were highly impressed that they were able to build a customer base of market leaders, and moreover, the impact that SiteAware's tools are already making."

The round was backed by the Robert Bosch Venture Capital and Axon Ventures with participation from Oryzn Ventures, Lool Ventures, Power Capital Venture, and The Flying Object.

The size of the construction market in the US is $1.3 Trillion. The company, as of now, has plans to use the new funds to scale its expansion in the US market, notes the announcement.