Bay-area-based construction start-up TraceAir today announced a $ 3.5 million Series A. Led by London-based XTX Ventures, this round brings the company’s total funding to $ 7 million. The increase includes existing investor Metropolis VC, as well as new additions Liquid 2 Ventures, GEM Capital, GPS Ventures and Andrew Filev.
We first noticed the company in 2016, when it came up with a method of using drones to detect construction errors before they got too expensive. This is a fairly large area that various tech companies are trying to solve through a variety of means, ranging from quadrupedal robots to site protection helmets.
Last February, TraceAir announced a new drone management tool. “Haul Router provides the best mathematically objective routes for each given drone scan,” the company noted at the time. “Any employee can use the tool to design a haul route and export the results to power leveling equipment.”
The pandemic has thrown the construction industry for a loop (along with countless others). But unlike other sectors, demand remains high in many places. TraceAir is hoping its solution will prove beneficial as many companies seek a way to continue the process despite the uncertainty.
“The Covid-19 pandemic has created new challenges for construction industries in the United States and around the world, resulting in delayed projects and rising unemployment rates,” CEO Dmitry Korolev said in a statement related to current events. “Our platform enables industry leaders to manage projects more efficiently and collaborate with their teams remotely, thereby minimizing the need for a physical on-site presence.”
TraceAir says the additional funding will go to its sales and marketing, as well as future product developments, including an unnamed product set to be released this quarter.