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UK start-up XYZ Reality has raised €5.7m in funding to revolutionise construction with its vision of building from holograms which will allow workers to view BIM models on-site at 5ml accuracy.
XYZ Reality has revealed the closing of an €5.7m (~£4.9m) Series A round, led by Amadeus Capital Partners and Hoxton Ventures, with participation from Adara Ventures and J Coffey Construction.
XYZ Reality aims to transform the construction industry with its vision of building from holograms. The firm has developed the world’s first ‘engineering-grade augmented reality’ device, HoloSite.
HoloSite allows construction workers to view Building Information Models on-site to 5ml accuracy.
XYZ Reality’s HoloSite improves the feedback loop between site and design by 92% as construction workers are now able to make real-time informed decisions in the field.
Prevent errors from ever happening
David Mitchell, founder, CEO and builder of XYZ Reality, said: “2D is an unnatural language for humans; we see everything in 3D, yet tradespeople are being asked to interpret 2D drawings, conceptualise the 3D asset and then build the asset on-site to within construction “tolerances”.
“Works are currently validated after the fact through laser scanning. 80% of the time the construction fails to meet acceptable tolerances. With HoloSite, we can prevent errors happening in the first place.”
The new funding will enable XYZ Reality to enhance the user experience by doubling the size of the technology team, expanding its development team across all verticals and building its sales and marketing operation.
Nick Kingsbury, partner at Amadeus Capital Partners, said: “Construction is a sector that’s ripe for radical innovation. This technology has the potential to revolutionise how the construction industry sets out and validates its work, reducing costs and the chance of project slippage from mistakes.
“This funding from Amadeus and Hoxton Ventures will enable XYZ Reality to develop its AR cloud and software platform, build its team to serve the EU market and expand to US and Asia, where it has received significant interest.”
To read the original article click here: https://www.pbctoday.co.uk/news/bim-news/holosite-construction/72774/