Bay Area-based construction startup TraceAir today announced a $3.5 million Series A. Led by London-based XTX Ventures, this round brings the company’s total funding up to $7 million. The raise includes existing investor Metropolis VC, along with new additions Liquid 2 Ventures, GEM Capital, GPS Ventures and Andrew Filev.
We first noted the company back in 2016, when it pitched a method for using drones to spot construction errors before they become too expense. It’s a pretty massive field that various technology companies are attempting to solve through a variety of different means, ranging from quadrupedal robots to site-scanning hard hats.
Last February, TraceAir announced a new drone management tool. “Haul Router provides the best mathematically objective hauls for each given drone scan,” the company noted at the time. “Any employee can use the tool to design a haul road and export the results to feed into grading equipment.”
The pandemic has thrown the construction industry for a loop (along with countless others). But unlike other sectors, demand still remains high in many places. TraceAir is hoping its solution will prove beneficial as many outfits seek a way to continue the process in spite of uncertainty.
“The Covid-19 pandemic created new challenges for the U.S. and worldwide construction industries, resulting in delayed projects and growing unemployment rates,” CEO Dmitry Korolev said in a release tied to the news. “Our platform allows industry leaders to manage projects more efficiently and collaborate with their teams remotely, minimizing the need for a physical presence on-site.”
TraceAir says the additional funding will go toward its sales and marketing, along with future product developments, including an unnamed product set for release this quarter.
Source: New feed