New York-based OnSiteIQ, a visual documentation and risk assessment platform provider for construction projects, has raised $2 million in seed funding. Anthemis Group led the round with participation from MetaProp.
New York, NY (December 6, 2018) — OnSiteIQ, which offers a visual documentation and risk assessment platform for construction projects, announced that it has raised $2 million in seed funding. The round was led by global fintech investor Anthemis Group and also drew support from real estate technology venture capital firm MetaProp.
“From OnSiteIQ’s creation, through its growth in MetaProp’s accelerator, it was clear to us that their intense focus on the hugely under-served field of construction risk management made it a viable and scalable startup,” said Aaron Block, Co-Founder and Managing Director, MetaProp.
“We believe that OnSiteIQ is still relatively early in its journey and we are excited to contribute further funding to its continued growth and success.”
OnSiteIQ brings transparency and accountability to construction job sites to protect owners and developers during and after construction. The OnSiteIQ platform leverages computer vision algorithms to automatically map 360-degree walkthrough imagery to building floor plans, enabling OnSiteIQ’s clients to inspect the progress, quality, and safety of their projects.
OnSiteIQ’s data collectors use a 360-degree camera to capture imagery as they perform walkthroughs of all accessible building floors, then upload that media to the platform. Then the OnSiteIQ platform:
● Maps the walkthroughs to the associated building floor plans
● Provides 360-degree views at dozens of points along a walkthrough path
● Lets users navigate back and forth in time to monitor progress and changes between walkthroughs for a single point
● Lets users document specific items they spot in the 360 images and track those annotations
This round of funding will enable OnSiteIQ to scale its operations and sales in the U.S. and improve its artificial intelligence platform for automatic progress reports and risk assessment.
The artificial intelligence module will make the visual content searchable, as well as automatically flagging potential hazards and progress milestones on job sites.
“We are thrilled to work with industry-focused investors who share the same vision as OnSiteIQ and can help us take OnSiteIQ’s distribution and scale to a new level,” said Ardalan Khosrowpour, CEO and Co-Founder of OnSiteIQ.
“OnSiteIQ is about the business of risk, and risk management, which is incredibly exciting,” said Anthemis’ Matthew Jones. He added, “In addition to its obvious applicability for the construction industry, risk control technology is one of the most valuable and effective tools for insurance companies to improve site safety and, ultimately, profitability. We’re delighted to support Ardalan and the team as they tackle this timely issue.”
OnSiteIQ builds world-class technology that brings construction sites to its users, wherever they are, without all the dust and debris. OnSiteIQ automatically maps 360-degree imagery to building floor plans, enabling people to virtually walk through these sites to monitor progress, find and track issues, and collaborate with project stakeholders. Leveraging its AI & computer vision expertise, the OnSiteIQ team is building the future of risk engineering in construction. Learn more at www.OnSiteIQ.io.
Anthemis cultivates change in financial services by building, growing, and sustaining businesses committed to improving the world. Our deep understanding of markets and models, passion for emerging technology and spirit of collaboration inspire everything we do. By creating fertile ground for entrepreneurs, institutions, researchers, academics, and visionaries to come together, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all. Learn more at www.anthemis.com.
MetaProp is the the premier real estate technology nexus based in the heart of Silicon Alley. MetaProp’s team and venture funds have invested in 80+ PropTech companies, which have raised more than $2 billion and employ 1,500+ people around the world. Each year, up to 25 of the best international PropTech startups participate in the MetaProp Accelerator @ Columbia University and its affiliates’ intensive education, mentorship and growth hacking programs. MetaProp also provides strategic advisory services, corporate development support, communications, event management and market research for real estate companies that are serious about innovation.