UK based XYZ Reality has raised £20m ($28m) in funding as part of its efforts to radically transform the construction sector through the use of its engineering grade augmented reality (AR) called Holosite.
XYZ Reality’s HoloSite is the world’s first engineering grade augmented reality solution that enables construction management to view and position building information models on-site to mm accuracy. The system allows construction workers to position objects to a 5mm accuracy and immediately see when something is out of alignment.
HoloSite has been available to customers through an early access deployment programme and has already been used on projects totalling a value of over £1.5bn ($2.1bn). The early partnership programme put HoloSite to the test, and allowed XYZ Reality to work alongside construction workers every day on completely different projects and in different countries. This allowed the company to constantly evolve the headset to match their needs.
David Mitchell, founder of XYZ Reality, said: “We have designed HoloSite from the ground-up with health and safety at the forefront. We wanted to ensure that the product was not just easy-to-use and adaptable to its user but that it offered a truly seamless experience.” “Augmented reality and spatial computing just make sense, because we’re 3D creatures operating in a 3D environment,” further commented David Mitchell.
The company claims that the Holosite AR solution could save up to 11% of costs on building projects, the result of errors introduced between the architectural sketches and the finished buildings. These errors cost the industry between £10bn and £25bn a year in the UK alone. The safety certified AR hardhat, cloud platform and in-built proprietary software, Holosite accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time.
The funding will be used to accelerate the company’s ambition of transforming projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development.
For more information: www.xyzreality.com