New York City-based construction intelligence platform OnsiteIQ has completed a $14 million Series B financing round. The company provides transparent and data-driven insights to real estate investors, developers, and property owners. Vertical Venture Partners led the round, along with participation from RET Ventures and Interplay VC.
OnsiteIQ, founded in 2017 by Ardalan Khosrowpour, has been a pioneer in the field of construction intelligence, providing valuable solutions to commercial real estate stakeholders. By integrating videos into project floor plans the company creates an objective and consistent record of ongoing projects.
What sets OnsiteIQ apart is its application of AI, allowing it to
- Track progress across 18 key milestones
- Provide real-time status updates
- Detect patterns of inactivity that might signal potential delays.
This approach lets users access and monitor their projects instantly from any device. By serving as a single source of truth for all stakeholders, OnsiteIQ promotes transparency and offers a centralized platform for institutional investors. This solution addresses the common issue of projects falling behind schedule in more than 70% of cases.
By serving as a single source of truth for all project stakeholders, OnsiteIQ significantly boosts transparency. It offers an all-encompassing platform for institutional investors to document projects, track their progress, and verify payments.
The Road Ahead
With over three billion square feet of 360-degree project footage captured and monitoring 1,600 projects valued at $17 billion, OnsiteIQ has already left a significant mark on the industry. This latest funding round will enhance the company’s risk indicators and analytics data. It will also refine its payment verification platform and introduce an advanced portfolio dashboard for cross-comparing various projects within a portfolio.
OnsiteIQ’s commitment to fostering transparency in the construction world has garnered praise from its investors. As they continue to expand their services and fine-tune their analytical tools, OnsiteIQ is poised to revolutionize the real estate investment scene with practical insights that benefit all stakeholders in the industry.
Source: OnsiteIQ