The British tech startup that provides augmented reality goggles for builders, XYZ Reality, has raised £20 million in fresh funding to invest towards the company’s global expansion.
The startup was founded back in 2017 by former builder David Mitchell. The company aims to “set a new standard” in the construction sector. Mitchell and his team have spent years working on the “HoloSite” tech for devices that can be put up on the workers’ safety helmets and project 3D holograms of schematics and building plans.
The startup believes that its technology can help developers finish and deliver projects on time and within their budgets.
Currently, the builders in the UK lose out on up to £25 billion per year due to errors in the building process. Moreover, XYZ Reality products have already been deployed at complex site projects with a value of over £1.5 billion.
This Series A round has been funded by Cazoo and Depop backer, Octopus Ventures. The proceeds will be put towards the company’s commercial launch in the US, further product development, and expanding the startup’s London team.
XYZ reality is also joining hands with the global consultancy and construction firm, Mace, to build a hyper-scale data center in Europe.
Octopus Ventures’ Rebecca Hunt stated that VCs believe XYZ is uniquely placed to drive transformation in the sector.
“We’ve developed the world’s first Engineering-Grade AR solution helping construction teams identify errors in real-time, but really that’s just the start of our journey,” Mitchell said.
“The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field… Ultimately, the goal is builders building from holograms.”
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