Serra Ventures Leads Seed Round in Reconstruct, Inc.
Champaign, IL - (September 7, 2016) – Serra Ventures is pleased to announce its investment in Reconstruct Inc., a computer vision based analytics company for the construction industry. Serra Ventures led the seed round, with a strong syndicate including Grand Angels Venture Fund, Illinois Ventures and Harbor Street Ventures.
Construction is a $1.1T industry in the US alone. However, productivity has remained flat over the last decade while other industries like manufacturing have rapidly improved. Virtually every large project experiences cost overruns and delays due to lack of up-to-date information. Reconstruct will provide easy and quick access to actionable construction performance analytics, with images captured with drones or ground cameras, integrated with building information models (BIM). It also offers insight on potential delays so that project teams can prevent delays before they surface on jobsites. Their end-to-end solution will provide automated data capture, processing, and delivery with an online interface that is accessible through commodity smartphones and tablets.
“Almost every large construction project experiences cost and time overruns. Images captured by drones and other devices have the potential to improve efficiency, which translates directly to the bottom line. Reconstruct is the only platform we have found that can turn those images together with BIM into actionable information about both actual and potential delays,” Serra Ventures Managing Partner Rob Schultz said.
Mani Golparvar, CEO of Reconstruct shares, "We are thrilled to be working with Serra Ventures. The partners bring much more than capital to our company. Their business building expertise will be invaluable as we continue to grow.”
About Serra Ventures
Serra Ventures is an early stage venture capital firm investing in technology companies in emerging Midwest technology centers and selected other geographies. Sectors of focus include information technology, devices/instrumentation and agricultural technologies. Serra Ventures is headquartered in the University of Illinois Research Park in Champaign, Illinois. For more information, visit www.serraventures.com.
Reconstruct’s platform provides continuous, actionable analytics to construction managers enabling them to make better decisions that optimize their workflow. Reconstruct offers a visual production management system that enables builders and planners to compare 3D models of the current job site with plans and highlights locations at risk for potential delays. Their platform provides tools to help with planning, coordination, communication, and documentation of construction sites. For more information on Reconstruct, visit www.reconstructinc.com. Reconstruct is located in Champaign Illinois.
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- Contact Information
- Rob Schultz
- Managing Partner
- Serra Ventures, LLC
- (1) 217-819-5208
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