Augmenta – the company automating building design for the construction industry – recently announced it has raised US$11.75 million in a seed extension round that will be used to commercialize the company’s groundbreaking design platform for the construction industry.
This funding round was led by Eclipse with participation from Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies. The funding round brings Augmenta’s total funds raised to date to US$15.85 million.
With the funds raised in this seed extension, Augmenta is planning to double its team over the next nine months across engineering, sales, and support. And Augmenta will also use the investment to build on the momentum that the company has achieved to date. This includes implementing commercial pilots with several electrical engineering firms that are currently participating in Augmenta’s formalized feedback program.
The company is on track to commercialize the Electrical System Design (ESD) module of its groundbreaking Augmenta Construction Platform (ACP) in Q1 2024. And the ESD module generates fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors. The company is also planning to expand into adjacent markets with the development of plumbing and mechanical modules.
Augmenta is solving a major problem in the construction industry In the construction industry today, legacy tools and processes used for designing complex building systems like electrical, plumbing, and HVAC make it hard and time-consuming to ensure designs are feasible for construction. And time and resource pressures lead to errors that require significant rework, slowing down both design and construction, and substantially increasing risk, uncertainty, and costs for contractors and engineers – and in turn real estate developers and owners.
At a time when the industry continues to face talent and material shortages, pressure is mounting due to the inherent complexity of building design. And Augmenta is providing innovative new technology to solve these challenges. Through its technology platform, Augmenta automates the whole design process for contractors and engineers, ensuring the designs they create are error-free, constructible, and optimized according to client needs. These designs are created in minutes to hours instead of weeks to months.
KEY QUOTES:
“Our vision is to completely disrupt an element of the construction industry that has remained largely unchanged for decades. Building on the success of the ESD beta program that is currently underway, we are very well positioned to scale these initial tests as pilots and begin generating revenue as we prepare for our expansion into adjacent markets.”
— Francesco Iorio, CEO of Augmenta
“The construction industry has yet to reap the productivity, scalability, and sustainability benefits of advanced technology other industries have been transformed by. Using generative AI coupled with a world-class technical team, Augmenta’s design platform will completely turn the construction industry on its head.”
— Charly Mwangi, Partner at Eclipse; Concurrent with the investment in Augmenta, Mwangi will join the Augmenta Board of Directors.
“Since our initial investment in Augmenta last year, we remain confident that its construction platform is an industry-changing technology. This follow-on investment further reinforces our commitment to the company, and we look forward to our continued work with Francesco and his incredible team.”
— Roger Poirier, co-founder of Hazelview Ventures
“Design is a significant area of opportunity for construction efficiency improvements. By investing in and partnering with Augmenta to apply breakthrough AI to assist skilled building designers and engineers, we will reduce costs and accelerate the delivery of construction projects across the industry.”
— Wan Li Zhu, co-founder and Managing Director of Suffolk Technologies
