Startup Sitewire Aims to Speed Lag from Inspection to Payment

Bias and inconsistencies in the construction inspection process are nothing new, with borrowers sometimes receiving a fraction of what was requested when the work is evaluated unfairly. More common are the persistent delays in funding from inefficient inspections of completed work.

Fintech startup Sitewire aims to ameliorate both issues with a platform that lets project financiers quickly verify completed work and release payments the same day, said CEO Bryan Kester, who launched the company with Co-Founder and CTO Justin Kaufman.

“We wanted to basically eliminate inspections that weren’t adding any value,” Kester said. “It’s become a very subjective process and it’s not data-driven.”

The company partners with an independent firm of specialists that inspects the work virtually to verify results, ultimately combining visual media, financial tracking and expert inspection in one tool to speed lags in project cash flow.

“We’ve slashed payment times from days or weeks to just a few hours,” said Kester. “For the small local businesses constructing most homes, quick payments are crucial. Cash delays can lead to significant disruptions, because subcontractors and laborers always shift their focus to jobs where payments come faster.”

On Tuesday, Sitewire announced the close of a $3.17M Seed funding round, led by Zacua Ventures, with participation from Argonautic, Great Wave and Hamilton Ventures.

The company will use the funding to expand its platform and market reach. Kester said Sitewire also is testing 3D reconstructions from phones for internal inspections and plans to release the technology to the market next year.

As the company grows, Kester said it will partner with additional inspection firms to maintain verification quality, along with policies to ensure inspectors stay on top of real world inspection practices by sending at least one day a week in the field.

“If you’re staring at photos and videos all day, there’s obviously a little bit of fatigue, although construction and real estate people love looking at projects, so there’s a lot of joy in it,” he added.