SUMMARY
- Track3D announced on Tuesday that it has secured $4.3 million in its seed funding round.
- The round was led by Endiya Partners, along with participation from Shadow Ventures and Monta Vista Capital.
- This funding will be utilized by Track3D to enhance its AI-driven comprehensive reality capture data platform.
On Tuesday, Track3D, a platform powered by AI for the construction sector, announced that it has secured $4.3 million in its seed funding round, led by Endiya Partners, along with participation from Shadow Ventures and Monta Vista Capital.
This funding will be utilized by Track3D to enhance its AI-driven, comprehensive reality capture data platform, which is designed for smart monitoring of construction progress, according to a press release.
Established by Chaitanya Naredla, Kiran Gutta, and Vineeth Paruchuri, Track3D is a startup based in the Bay Area, California, with operations in Milpitas and Hyderabad, India. It gathers visual information from drones, 360-degree cameras, laser scanners, and smartphones, converting this data into useful insights with the help of sophisticated AI technology.
Its Hyderabad branch, staffed by 100 experts in artificial intelligence, machine learning, engineering, and support, manages the development of AI analytics and 3D computer vision, thereby improving the platform’s functionality across both web and mobile platforms.
Track3D boasts claims of increasing productivity by 15%, improving adherence to schedules by 12%, and cutting down on rework expenses by 20%, which has led to the acquisition of major clients such as Hensel Phelps and PCI, as mentioned in a statement.
“Track3D is a unique example of a vertical, AI-first company shaping the digital transformation of a pivotal sector. We believe the time is now for a unified, data-agnostic construction monitoring solution to realise real-time, accurate and cost-efficient progress tracking and deviation analysis,” stated Sateesh Andra, Managing Director of Endiya Partners.
The company intends to grow its team in India and is set to launch a new office in the coming year.
