CEMEX Ventures, CEMEX’s open innovation and venture capital unit, announced today its investment in StructionSite, a US-based startup that creates digital worksite models through 360-degree cameras. This solution saves about 60% of the time required to calculate progress at a worksite, a process comprising about 1.74% of the total cost of a construction project.
To create its digital models, StructionSite uses 360-degree cameras that provide data to its software, which digitalizes and documents worksite progress. Through the user’s position, ‘Computer Vision,’ and ‘Machine Learning’ technology, StructionSite’s software processes, analyzes, and creates images of the worksite to identify key elements and evaluate advancements.
This new investment streamlines a project’s construction phase by reducing the time to calculate progress and obtaining the contextualized information to enable strategic decision-making and improved coordination between the actors involved. This solution offers deep differential value by providing support on a web-based platform and mobile application, combined with ease of use and integration with other tools to streamline the pace of information.
Currently focused on the US market, StructionSite participated in the ‘500 Startups’ acceleration program in which it developed a successful business model that enabled it to close sales with the US largest constructors in less than its two-year life. In this way, StructionSite became a leading solution to transform the construction industry and started a round of investment led by CEMEX Ventures.
In addition to funding, CEMEX Ventures expects to increase StructionSite’s presence in the US and help it to explore new international markets. This investment gives StructionSite access to CEMEX’s strategic network and the support of CEMEX’s global research and development, marketing and communication, and operating facilities across more than 50 countries.
Launched in 2017, CEMEX Ventures focuses on helping to overcome the main challenges and capitalizing on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has developed an open collaborative platform to lead the revolution of the construction industry, engaging startups, entrepreneurs, universities, and other stakeholders to tackle the challenges in the construction environment and shape the industry’s future. For more information on CEMEX Ventures, please visit: www.cemexventures.com.