OnsiteIQ, a NYC-based construction intelligence platform for commercial real estate investors, developers, and owners, closed a $14m Series B financing round.
The round was led by existing investor Vertical Venture Partners — joined by a number of its Limited Partners — with additional participation from real estate technology VC RET Ventures as well as Interplay VC.
The company intends to use the funds to:
- improve key risk indicators and analytics data,
- refine the solution’s payment verification platform, and
- deploy an elevated portfolio dashboard that allows for the data-backed cross-comparison of various projects within a portfolio.
Founded in 2017 by Ardalan Khosrowpour, OnsiteIQ helps real estate investors from across the industry improve job site transparency and manage risk throughout their portfolio of development projects. Its network of ‘capture specialists’ regularly walks its clients’ projects to capture 100% of the job site with 360-degree videos, which are then automatically mapped to each project’s floor plans. In doing so, OnsiteIQ creates an objective, consistent, and comprehensive record of all of the firm’s active projects, which users can instantly access and monitor from any device. The platform analyzes this visual data and leverages artificial intelligence to track progress across 18 major milestones, provide status updates, identify patterns of inactivity to predict potential delays and create trend reports across an entire portfolio.
To date, the company has captured over three billion square feet of 360-degree project footage, monitoring over 1,600 projects valued at a cumulative $17 billion.
FinSMEs
24/10/2023