XYZ Reality Raises Fund to Resolve Billion Dollar Pain Point from Construction Industry
Construction Tech AR startup, XYZ Reality, recently closed a £20 million series A funding round as the company seeks fund for growth outside the European market to further develop its products.
The company plans to enter the US markets, and further investment to refine research and development as well as adding a team in London for manufacturing, and sales and marketing.
The investment round was led by Octopus Venture, alongside with Adara Venture, Hoxton Venture, J Coffey Construction, and Amadeus Capital Partners. New funding partners include Optimas Capital, Tishman Speyer, and Activum SG.
XYZ Reality Founder David Mitchell has developed an engineering grade AR solution, HoloSite, which uses holograms to enable construction teams to review and build accurate constructions using 3D design models.
The system utilizes cloud computing platform, proprietary software, and AR headset that can be implemented to construction practices. The technology has already been utilized on constructions projects that exceed £1.5 billion to date, including airports, data centers, and pharmaceutical facilities.
The company plans to resolve the pain point of £12 billion spending loss each year in UK just on fixing construction errors in the building process.
The company also plans to use the funding to develop its second generation headset.
Currently the company plans to use technology to automatically detect and report issues in the construction site, using the spatial computer technology intelligence. The ultimate goal of the AR solution is to enable builders to build from hologram.
Lead investor Octopus Ventures is interested in the company share as XYZ solution solves a massive billion dollar problem that current construction industry face each year.