SiteAware raises $15m.; aims to save millions, cut construction mistakes

SiteAware’s platform generates insight through verification of buildings’ structures, shells, and interiors, thereby preventing errors and streamlining construction.

 SiteAware's platform. (photo credit: SiteAware)
SiteAware's platform.
(photo credit: SiteAware)

Digital construction verification (DCV) company SiteAware has announced a $15 million Series B funding round led by Vertex Ventures Israel. This round follows a Series A round which raised $10m. in October of 2020. The company intends to use the money raised to grow and establish DCV as a new technological standard across the US construction industry.

“DCV gives the construction ecosystem access to data they’ve never had before – data that hold the key to the next jump in productivity for the industry,” said SiteAware CEO Zeev Braude.

“SiteAware’s DCV error-prevention technology is disrupting the construction industry by dramatically accelerating schedules and streamlining work processes for all parties. In the next few years, everyone from contractors to developers will be using DCV to build without rework.”

SiteAware’s platform generates insight through verification of buildings’ structures, shells and interiors, thereby preventing errors, streamlining construction and enabling builders to make sure they’re building according to plan.

SiteAware is a pioneer in DCV technology, targeting a key challenge in the construction industry. According to McKinsey, the cost of construction is inflated by $273 billion each year by construction errors in the US alone. By working to eliminate mistakes, millions of dollars, and countless hours of rework are saved, not to mention litigation costs from mistakes.

 SiteAware board members. (credit: ARKADI RASKIN) SiteAware board members. (credit: ARKADI RASKIN)

Vertex Ventures general partner Emanuel Timor explained, “As the first mover in this new category, SiteAware is blazing a trail for the entire construction industry, allowing the sector to leverage technologies that will ultimately make it more efficient, more transparent and smarter. We look forward to working closely with the team at SiteAware as it expands its footprint and deepens its work with industry leaders around the world.”

SiteAware has tripled its revenue growth in 2021, as well as the expansion of its customer base. It now serves more than 40 of the leading developers and general contractors in the industry.