Founded in 2017, XYZ Reality developed Engineering-Grade Augmented Reality to tackle some of the most pervasive and costly issues facing the...
The startup, co-founded in 2017 by builder and architect David Mitchell, recently received funding from Amadeus Capital Partners and Hoxton Ventures, as well as Adara Ventures and J Coffey Construction.
The €5.7 million in funding that startup XYZ Reality secured in March will see the AR headset maker expand into new markets as it moves toward the general release of its product for the construction industry.
XYZ Reality has created what it calls the world’s first engineering grade AR headset, and the most accurate.
The headset, called HoloSite, allows builders to view and position design models on-site to 5mm accuracy, and allows construction stakeholders to make real-time decisions in the field, thereby eliminating errors-out-of-tolerance, improving the feedback loop and drastically speeding up the process of construction.
The startup, co-founded in 2017 by builder and architect David Mitchell, received €5.7 million in funding in March from Amadeus Capital Partners and Hoxton Ventures, as well as Adara Ventures and J Coffey Construction.
The funding allows XYZ Reality to look toward moving out of stealth mode and planning a general release for HoloSite.
In the short and near term, XYZ Reality will expand into the US and Asia, “where we have already seen an incredible demand from construction companies”, Mitchell said in an interview for the next issue of VRWorldTech Magazine, and build its software, hardware and marketing teams “to allow us to constantly evolve our product and talk about the impact it is already having on our early partners”.
“Our partners bring much more to the table than the monetary value ever could.”
Aside from the financial support of its investors, XYZ Reality will also use their experience and expertise to shape HoloSite as a product.
Mitchell says: “Our partners bring much more to the table than the monetary value ever could. Whether it’s J Coffey’s support for the vision and their valuable resources as our ideal end-user, or it’s the input of Hermann Hauser who has been a champion of ours since trying HoloSite some years ago, we have been extremely lucky.”
“Hermann has supported our investment from Amadeus and introduced us to some incredible thought-leaders in the space who have helped us communicate the XYZ vision to the world, including Nick Kingsbury at Amadeus. We were also lucky enough to be introduced to Hussein Kanji from Hoxton Ventures and the team at Adara Ventures along the way, who have all added tremendous value to the business with their insight, ideas and passion for turning the XYZ vision into a Reality.”
To read the original article click here: https://vrworldtech.com/2020/04/14/holosite-maker-xyz-reality-eyes-us-and-asia-expansion/