Pillar Technologies, a NYC-based developer of a platform to capture, measure, and distribute risk data on construction sites with a series of smart sensors, secured $2.75m in seed funding.
Backers included XL Innovate, Hyperplane VC, and Techstars Ventures.
The company intends to use the funds to scale the manufacturing of its sensors, and expand the team building its real-time risk management software platform for construction companies and contractors. As part of the financing round, Martha Notaras, a partner at XL Innovate, will join the Pillar board of directors.
Founded in 2015 by Alex Schwarzkopf, Sean Iacobone, and Matt Joyal, of Pillar Technologies deploys industrial-grade sensors across construction sites to address high-value risks during and after construction by actively monitoring key environmental factors, such as temperature, pressure, humidity, smoke, and dust. General contractors and insurers are using the Pillar data management platform to monitor sites, forecast failures, and be alerted to costly hazards such as water leaks, freezes, fire, mold outbreaks, etc.