HUVIAiR Technologies, which provides software solutions for construction projects, on Tuesday said it has raised $3.2 million (around Rs 23.82 crore) in its Series A round of funding round led by Chiratae Ventures to expand and grow its business.
Other investors SOSV, RMZ Management LLP, and Artesian Venture Partners also participated in the round.
With this new round of funding, HUVIAiR plans to hire key people, build newer product features, scale customer acquisition in India and a few strategic markets overseas, including the USA.
The company said its SaaS platform CONSTRA, derives insights from images and videos (of building exterior and interior) to help immensely through the planning, building and inspection stages of construction projects.
The clients using CONSTRA are able to save up to 65 per cent of time on progress monitoring, reduce their supervisory manpower requirement by at least 50 per cent and reduce the overall project-cost by up to 20 per cent, it added.
The application works seamlessly across various construction verticals such as real estate, public infrastructure and renewable energy.
HUVIAiR is headquartered in Bengaluru and was founded by Vikshut Mundkur (CEO) and Arjun Janananda (CTO). It provides remote monitoring and management software for construction projects.
"With CONSTRA, we have built a visual analytics platform that automates progress, safety and quality monitoring at construction sites," Mundkur said, adding that the platform is helping its clients deliver projects faster and at a lesser cost.
The platform CONSTRA ingests visual inputs (images and videos) from drones, 360° cameras, laser scanners, CCTV cameras, mobile phones and as well as traditional sources like CAD drawings, project schedules and BIMs.
The engine then processes these diverse information, streams to determine the construction progress (exterior and interior), detect anomalies, project deviations, and benchmark the actual-progress of the construction against the plan.
"Rich visualisation along with MIS reports are delivered to decision makers across developers, PMCs and contractors within a few hours of the data capture," the company said.
Janananda said its deep-learning engine could analyse and derive invaluable insights from multiple visual input-streams.
TCM Sundaram, Founder and Vice Chairman at Chiratae Ventures, said, "technology adoption and disruption in the construction industry has been nascent at best previously. COVID-19 has
been nascent at best previously. COVID-19 has accelerated the need for digital-first approach many-fold and it has become critical to re-think business operations."