Mistakes happen, but when it comes to new construction, even minor blunders can cost builders untold amounts of time and money. Enter Avvir, a startup that uses laser scans and artificial intelligence to identify errors during the construction process.
Last week, the company announced that it had raised $10 million in a round of funding led by Trust Ventures, a venture capital firm that counts Koch Industries among its investors. Avvir plans to use the money to add more employees and enhance its software.
Founded in 2017 by Raffi Holzer and Tira Odhner, Avvir asserts that its platform can locate problem areas within one-eighth inch of accuracy. The software compares Building Information Modeling (BIM), essentially a high-tech version of traditional blueprints, with laser scans to flag any discrepancies.
The company claims their mobile scanners can be used by anyone to examine 30,000 square feet per hour even if construction is ongoing. Once a problem has been identified, the construction team is able to take action and the BIM is updated automatically. Another useful feature is the topographic maps that are generated from the scans. These can be inspected after a concrete pour to determine whether slabs are level.
The software can also track the progress of a project, measuring it against the estimated schedule to “highlight where the timeline is off target” and readjust completion dates if necessary. Understanding what work has been completed helps subcontractors get paid in a timely manner, too, reducing delays from months to weeks.
New York-based Avvir is currently valued at $40 million and raised an additional $5 million in previous rounds of funding. In a recent interview with VentureBeat, CEO Raffi Holzer noted that Avvir has amassed roughly 12 customers and partners in the past year and expects its valuation to grow to $4.4 million by 2022.