BuiltWorlds member Augmenta, the company automating building design for the construction industry, recently announced it has raised US$11.75 million in a seed extension round that will be used to commercialize the company’s groundbreaking design platform for the construction industry. The investment was led by Eclipse with participation from BuiltWorlds member Suffolk Technologies, Hazelview Ventures, and BDC Capital’s Deep Tech Venture Fund. The investment brings Augmenta’s total funds raised to date to US$15.85 million.
With the funds raised in this seed extension, Augmenta plans to double its team over the next nine months across engineering, sales, and support. Augmenta will also use the investment to build on the momentum that the company has achieved to date. This includes implementing commercial pilots with several electrical engineering firms that are currently participating in Augmenta’s formalized feedback program.
Augmenta is on track to commercialize the Electrical System Design (ESD) module of its groundbreaking Augmenta Construction Platform (ACP) in Q1 2024. The ESD module generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors. The company is also planning to expand into adjacent markets with the development of plumbing and mechanical modules.
At a time when the industry continues to face talent and material shortages, pressure mounts due to the inherent complexity of building design. Augmenta is providing innovative new technology to solve these challenges. Through its technology platform, Augmenta automates the entire design process for contractors and engineers, ensuring the designs they create are error-free, constructible, and optimized according to client needs. These designs are created in minutes to hours instead of weeks to months.
“Our vision is to completely disrupt an element of the construction industry that has remained largely unchanged for decades,” said Francesco Iorio, CEO of Augmenta. “Building on the success of the ESD beta program that is currently underway, we are very well positioned to scale these initial tests as pilots and begin generating revenue as we prepare for our expansion into adjacent markets.”
Augmenta was recently recognized as a Top 50 Preconstruction Future Disruptor by our very own BuiltWorlds analyst team, and named in CB Insights’ 2023 AI 100 list of the world’s most promising AI startups, in addition to receiving a strong level of interest from the industry at large through its Augmenta Feedback Community. The Augmenta Feedback Community gives strategic industry partners, as well as forward thinking engineering firms and contractors, access to early builds of Augmenta’s software and the opportunity to guide its product development. Augmenta has a waitlist of almost 30 companies that have applied to participate in this beta program and will expand participation through the end of 2023.
“Design is a significant area of opportunity for construction efficiency improvements,” said Wan Li Zhu, co-founder and Managing Director of Suffolk Technologies. “By investing in and partnering with Augmenta to apply breakthrough AI to assist skilled building designers and engineers, we will reduce costs and accelerate the delivery of construction projects across the industry.”
Jit Kee Chin of Suffolk Technologies will be providing her perspectives on data, AI, and analytics in construction at our 2023 BuiltWorlds Americas Summit. Since 2016, the BuiltWorlds Summit has been the premier gathering of senior level thought leaders from across the many industries that develop, design, build, and maintain our built environment. Collectively, attendees represent the pinnacle of the sector’s innovation ecosystem, and the Summit is the place to meet them and to hear about the most potent trends fueling the future of the industry.
LEARN MORE ABOUT OUR 2023 AMERICAS SUMMIT HERE
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