XYZ Reality听has raised听拢20m investment听to听fully听launch its听engineering-grade augmented reality solution听and expand听into听the US.听
The听London听technology company听was听founded in 2017 and says听HoloSite, which is used on construction megaprojects, will tackle a problem worth a potential 拢25 billion in the UK听alone.听
Designed to enable an on time and on budget delivery of construction projects by eliminating building errors,听HoloSite听has been available to select customers through an early access programme and has already been used on projects totalling a value of over 拢1.5听billion over the last 12 months.听
With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors,听the听solution directly addresses these issues.听HoloSite, with its safety certified AR hardhat, cloud platform and in-built proprietary software, accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time.听听
The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.听听听听听听
This funding, led by听Octopus Ventures,听will听also be used to听grow its London team to include key hires across technology, manufacturing, sales and marketing.听
David Mitchell,听founder and CEO of XYZ Reality,听said:听鈥淭oday, we鈥檝e developed the world鈥檚 first Engineering-Grade AR solution helping construction teams identify errors in real-time, but really that鈥檚 just the start of our journey.听听
鈥淭he next phase is听assisted听reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms.听听
鈥淥ur vision of developing world changing products aligns with Octopus Ventures鈥� mission of investing in companies that are powering the next industrial revolution. We look forward to building history.鈥�听
XYZ Reality also announced听a new partnership with global consultancy and construction firm, Mace, for the construction of a hyper-scale data centre in Europe.听听
With speed to market being particularly essential for mission critical builds, HoloSite鈥檚 AR technology could have a significant role in supporting an accurate and time-effective build for Mace.