OnSiteIQ raised $10 million in Series A funding from MetaProp NYC, ValueStream Ventures, and Vertical Venture Partners, bringing the company’s total funding to $22 million.
The New York-based startup now has a team of 60 that was founded in 2017 and provides visual documentation for construction projects. It provides a platform that uses machine intelligence and computer vision to automatically map 360-degree walkthrough images to construction plans and provide construction stakeholders with seamless, remote progress, quality, and safety audit capability.
Oxbow Partners presented an old insurance use case: with OnSiteIQ, an insurer that could only inspect one out of every ten projects it insured was able to inspect twice as many sites at half the cost of a physical inspection and with a greater geographical distribution.
OnSiteIQ is a next-generation visual construction documentation and risk assessment platform that helps developers improve the job site efficiency. The software directly maps all visual data to the floor plan, making it simple to navigate, track, and interpret without having to sift through thousands of image files.