XYZ Reality, a London-based startup, just raised €5.7 million in a Series A round of funding. With investors such as Amadeus Capital Partners, Hoxton Ventures, Adara Ventures and J Coffey Construction, the company is planning on expanding its team and improving the user experience.
XYZ Reality wants to revolutionize the construction market by incorporating holograms and augmented reality. Its product, named Holosite, lets construction workers view Building Information Models on-site to five millimetres accuracy. The Holosite is the first engineer-grade augmented reality device.
Because buildings are designed in 3D and then converted to 2D images, there are significant financial losses when constructing buildings. The conversion causes large inconsistencies in the buildings, with up to 80% of constructions works being “out-of-tolerance,” meaning discrepancies in the dimensions of buildings. Up to 7-11% of a project’s cost is wasted due to inconsistencies caused by this conversion. Larger projects average a loss of €80.3 million. XYZ Reality’s Holosite can reduce this loss by up to 92% allowing construction workers to make informed decisions in real-time.
Founder and CEO of XYZ Reality David Mitchell, who worked in construction almost all his life, said this: “2D is an unnatural language for humans; we see everything in 3D, yet tradespeople are being asked to interpret 2D drawings, conceptualise 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.”