money moves

Houston construction software startup raises $10M in series A round

Houston-based SiteAware has raised $10 million in its latest round of funding. Photo courtesy of SiteAware

A growing startup that provides artificial intelligence-enabled verification software to the construction industry has announced the closing of a multimillion-dollar round.

Houston-based SiteAware announced last week that it's closed a $10 million series A investment round that was co-led by San Diego-based Axon Ventures and Germany-based Robert Bosch Venture Capital.

The company's platform uses AI and digital twin technology to provide real-time verification of construction fieldwork. According to a press release from SiteAware, the construction industry represents a $1.3 trillion market share of the United States economy.

"The cost of construction errors and the risk mitigation costs contribute to 10 to 30 percent of this number. SiteAware's technology significantly lowers this overhead, allowing for customers to reap the benefit," says Zeev Braude, SiteAware CEO, in the release.

By scanning buildings under construction, SiteAware's technology constructs a 3D model of the area and compares the progress of the structures to the construction plans in real time. This technology allows for any deviations from the plan to be realized as soon as possible, which means avoiding costly repairs or reconstructions.

"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," Braude adds in the release. "Our technology closes the gap between plans and field work, solving this very important challenge within the trillion dollar construction sector."

SiteAware, which was founded in 2015 by Braude and CTO Ori Aphek, previously raised seed funding in 2015 and 2016. Existing investors, including lool Ventures, Oryzn Ventures, The Flying Object and Power Capital Venture also participated in the round.

"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," says Arad Naveh, partner at Axon VC, says in the release. "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."

SiteAware's technology can analyze construction sites in real time. Image courtesy of SiteAware

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Building Houston

 
 

Keep your eyes out for a new solar farm that will be constructed in Sunnyside in south Houston. Photo via Getty Images

Mayor Sylvester Turner and the city council have given the green light on a project that will convert a 240-acre former landfill in Sunnyside into a brownfield solar installation.

The public-private partnership with Sunnyside Energy LLC. received unanimous approval on a lease agreement that will move the project — which is a part of the City's Climate Action Plan and Complete Communities Initiative — forward.

"The Sunnyside landfill has been one of Houston's biggest community challenges for decades, and I am proud we are one step closer to its transformation," says Mayor Turner in a news release. "I thank the Sunnyside community because this project would not have come together without its support. This project is an example of how cities can work with the community to address long-standing environmental justice concerns holistically, create green jobs and generate renewable energy in the process."

The solar field, which is anticipated to be installed and working by the end of next year, will be able to power 5,000 homes and offset 120 million pounds of CO2 each year, according to the release.

"We applaud the actions of Mayor Turner and the City Council in taking this significant step," says Dori Wolfe, managing director of Sunnyside Energy LLC, in the release. "It is a strong vote of confidence for this impactful project. All members of the project team realize that this Sunnyside Solar facility will be an iconic statement in the rejuvenation of the community. We are grateful that Mayor Turner has given us his support."

The city's involvement with the company began in 2017 when Houston joined the C40 Reinventing Cities Competition – a global competition to promote sustainable energy projects. As a part of the competition and through the city's efforts on the initiative, powers at be selected the winning proposal from Wolfe Energy LLC, which formed Sunnyside Energy LLC to execute the urban solar farm project.

Per the lease agreement, the city of Houston owns the land and Sunnyside Energy will be the tenant responsible for permitting, construction, operation, and more.

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