Nota de prensa
XYZ REALITY RAISES £20M IN A SERIES A ROUND LED BY OCTOPUS VENTURES, AND ALSO BACKED BY ADARA.
XYZ Reality, an Adara Ventures portfolio company founded in 2017, has raised £20m in Series A funding as part of its efforts to radically transform the construction sector through the use of augmented reality (AR).
The technology could ultimately save up to 11% of costs on building projects, the result of errors introduced between the architectural sketches and the finished buildings, the company says. These errors cost the industry between £10bn and £25bn a year in the UK alone.
“Augmented reality and spatial computing just make sense, because we’re 3D creatures operating in a 3D environment,” says David Mitchell, founder and chief executive of XYZ Reality.
“Our technology is the only solution that can be utilised to identify errors before they actually happen, in real-time, and prevent them from happening,” says Mitchell, who like many of those trying to bring the construction industry into the 21st century comes from a building background.
Other solutions on offer, like laser scanning on site, are all reactive, “only identifying errors after the costs have been incurred,” says Mitchell, usually with about a two-week delay. “In that two weeks, errors are still propagating throughout the site. You’re always fighting fires,” he adds.
This might explain why 77% of mega construction projects are delivered over 40% late, with 98% of those same projects suffering cost overruns of more than 30%.
The Adara view: Construction Tech comes of age
We’re delighted to continue backing XYZ Reality, having invested in the company in their Seed round in April 2020. We strongly believe that the Construction Industry is one of the largest market opportunities for technology solutions, given the low levels of innovation in recent decades. XYZ Reality are uniquely positioned to lead the revolution of the sector via intelligent AR, and we are proud to be investors as they take the next step on their growth journey.
Nuevos informes y series de datos: El Capital riesgo Informal en España 2020 / Informe de Impacto Económico y Social del Capital Privado en las operaciones de Middle Market en España. 2018 (ASCRI) / Informe de Impacto Económico y Social de los préstamos otorgados por Enisa
Otros informes destacados: Madurez del Venture Capital en España. (English version)/ Financiación de startups de Energía en España / El tiempo de las desinversiones en Private Equity en España (English version)
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