The funding will help SiteAware support technological development. Here are the top-line bullets you need to know.
SiteAware, a digital construction verification (DCV) platform, has raised $15M in a Series B. The round drew participation from Vertex Ventures Israel, Axon Ventures, Oryzn Capital, and Robert Bosch Venture Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Texas-based SiteAware utilizes digital twin technology to verify the physical installation of construction elements against building plans.
- SiteAware’s revenue grew 3x in 2021, and its customer base rose to over 40. Some of its clients include Hines, Related, Big, Andres, and Gilbane.
- To date, the company has verified 16.7M square feet of construction space, processing nearly 21.4K observations.
- The startup is supported by a team of around 50 employees across its offices in Houston and Israel.
WHY DOES THE MARKET MATTER?
- The global construction management software market is expected to reach a value of $2.7B by 2027, growing at a CAGR of 8.7%, according to Data Bridge Market Research.
- North America is expected to account for the largest market share during the forecast period, due to its higher construction volume, while the APAC region is likely to experience the highest growth rate during that time, due to construction activity in China and India.
- A key factor driving market growth is the rising adoption of cloud-based software and automation technologies across industries.
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