XYZ Reality, raises €5.7 million to disrupt the Construction Industry with Augmented Reality

Augmented Reality Mar 04, 2020
XYZ Reality, raises €5.7 million to disrupt the Construction Industry with Augmented Reality

UK startup XYZ Reality raises raises £5 million in a Series A round, led by Amadeus Capital Partners and Hoxton Ventures, with participation from Adara Ventures and J Coffey Construction.

Since the companies founding by David Mitchell, Murray Hendriksen and Umar Ahmed in 2017, XYZ Reality has been named a top five Construction Technology Firm by Techworld and the winner of Innovate UK 2018 & 2019 grants.

XYZ Reality is disrupting the construction industry with it's unique Augmented Reality Solution that is transforming the construction industry.

In todays construction environment, buildings are designed and rendered in 3D and then converted to 2D drawings. This conversion creates significant and measurable inefficiencies, with up to 80% of construction works being “out-of-tolerance”. This results in seven to eleven percent of project costs being wasted and in mega development projects, this amounts to a significant average of £70 million.

XYZ Reality’s HoloSite solves this problem by improving the feedback loop between site and design by 92%, as construction workers are now able to make real-time informed decisions in the field.

“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'" said Co-founder and CEO and builder David Mitchell.

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".

The new funding will enable the company to grow it's sales and marketing operation and expand it's technology team for added support and customer services.

Investors

Amadeus Capital Partners is a venture capital company that invests in European high-tech companies, founded by Anne Glover and Hermann Hauser in 1997.

Since then, the firm has raised over $1bn for investment and used it to back more than 130 companies. Amadeus niches are consumer services, financial technology, artificial intelligence, cyber security, medical technology, digital healthcare and digital media.

Based in London Hoxton Ventures is an early stage venture capital firm investing in European technology startups that can scale into large, global winners. It focuses on startups that either disrupt existing industries or invent entirely new market categories. The firm was an early investor in startups like Babylon Health, Darktrace and Deliveroo, and its portfolio of companies has grown to an aggregate value of over $7 billion.

Adara Ventures, is a Venture Capital firm with 165 million euros under management, and invests in Deep Tech companies in early-stage on the west coast of Europe (Spain, Portugal, France, United Kingdom, and Ireland). The VC, founded by Alberto Gómez and Nicolás Goulet, has niche focused interests in cyber security, big data, AI, AdTech, SaaS, and other solutions facilitating the digital transformation of the company.

J Coffey Construction Group is one of the UK's leading southern based construction companies, providing high quality, safe on-programme delivery of challenging jobs for Construction, main contract and infrastructure projects.

Glen Smale

Editor @Bundupress - Covering Tech News, Startups, Funding, Social Marketing & Technology | DM me on twitter to share your story. Find me on - Instagram @glensmale - Pinterest @glensmale

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