£5m funding for XYZ Reality
XYZ Reality has secured £5m funding.
The London firm is aiming to transform the construction industry through augmented reality ‘holograms’.
Its HoloSite platform allows construction workers to view building information models on-site to a 5mm accuracy.
The Series A round was led by Amadeus Capital Partners and Hoxton Ventures, with participation from Adara Ventures and J Coffey Construction.
Founder and CEO David Mitchell, a former builder, 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.”
XYZ Reality claims HoloSite improves the feedback loop between site and design by 92%.
Nick Kingsbury, Partner, 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.”