London, U.K.-based augmented reality startup XYZ Reality gas announced picking up €5.7 million in a fresh round of financing led by Amadeus Capital Partners and Hoxton Ventures. The round has been dubbed as Series A funding round and it also saw participation from Adara Ventures and J Coffey Construction. Prior to this round, XYZ Reality had raised a couple of seed round financing. The current infusion takes the total amount raised by the firm to $9.2 million.
XYZ Reality was founded in 2017 by David Mitchell, Murray Hendriksen, and Umar Ahmed as a construction firm that uses its vision of building from holograms. Through HoloSite, world's first Engineering Grade Augmented Reality device, the company allows the construction workers to view Building Information Models on-site to 5-millimeter accuracy.
David Mitchell, the CEO of the firm talking about the company said, 2D is an unnatural language for humans; we see everything in 3D, yet tradespeople are being asked to interpret 2D drawings, conceptualize the 3D asset and then build the asset on-site to within construction “tolerances”. Works are currently validated after the fact through laser scanning. 80% of the time the construction fails to meet acceptable tolerances. With HoloSite, we can prevent errors happening in the first place.”
Amadeus Capital Partners Nick Kingsbury commenting on the deal said that “Construction is a sector that’s ripe for radical innovation. This technology has the potential to revolutionize how the construction industry sets out and validates its work, reducing costs and the chance of project slippage from mistakes. This funding from Amadeus and Hoxton Ventures will enable XYZ Reality to develop its AR cloud and software platform, build its team to serve the EU market and expand to US and Asia, where it has received significant interest.”
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