OnsiteIQ, a construction intelligence platform for commercial real estate, has announced the completion of a $14 million Series B. The funding round was led by existing investor Palo Alto, Calif.-based Vertical Venture Partners, with participation from Park City, Utah-based RET Ventures, a specialist investor in real estate technology startups, and New York’s Interplay VC.
Founded in 2017 by Ardalan Khosrowpour, the New York startup has developed a platform that helps real estate investors track job sites and manage risks across their portfolio of development projects. OnsiteIQ has so far raised $46.4 million.
“OnsiteIQ was founded to empower commercial real estate investors, developers, and owners with real-time insights into projects’ status, helping to increase transparency and enhance risk management,” said Khosrowpour, who developed the idea during post-doctoral research at Cornell Tech, the Ivy League university’s campus in New York.
In a LinkedIn post, Khosrowpour said OnsiteIQ has “built one of the most powerful construction imagery databases to train an artificial intelligence that can understand and track progress on construction sites.” Such advanced monitoring could help more than 70% of development projects that fall behind schedule, causing investors to lose up to $2 million per month, according to OnsiteIQ.
OnsiteIQ has so-called “capture specialists” who capture 360-degree videos of project sites. Its platform then analyzes this visual data and leverages artificial intelligence to measure progress across 18 milestones, before providing status updates. It can also identify patterns of inactivity to predict delays and create trend reports across portfolios.
Currently, OnsiteIQ monitors construction projects in more than 65 markets in the United States and Canada. To date, the company says it has captured 360-degree videos of over three billion square feet, spanning over 1,600 projects with combined value of $17 billion.
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“OnsiteIQ provides stakeholders with much-needed visibility into active projects’ progress, making it easier to keep portfolios on track,” said Christopher Yip, partner at RET Ventures.
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The new funding round will also help OnsiteIQ refine ongoing development of a payment verification platform, and the deployment of an “elevated portfolio dashboard” to enable comparisons of various projects within a portfolio.
“In the large and untapped construction sector, the need for clear, objective insights is more crucial than ever. This is where OnsiteIQ steps in, leading the charge in blending technology with construction know-how, and paving the way for a more open approach to building and developing real estate,” said David C. Schwab, managing director at Vertical Venture Partners.