In 98 percent of large building projects, logistical challenges result in cost overruns of more than 30 percent. Moreover, 77 percent of new construction projects are completed at least 40 percent late. Construction errors and risk mitigation costs contribute 10 percent to 30 percent to this figure. What's an earnest contractor to do? Tel Aviv-based startup SiteAware, which just raised a $15 million Series B financing round, offers an AI-powered Digital Construction Verification (DCV) platform that creates a "digital twin" of a building under construction. Every stage of new construction -- core, shell or interior -- is documented using drones, on-site cameras or people on the ground.

SiteAware, the pioneers of Digital Construction Verification (DCV) technology, announced today a $15 million Series B financing round led by Vertex Ventures, with participation from existing investors Bosch, Axon, Orizon, and lool Ventures. The company plans to use the funds to further scale its industry presence and to make Digital Construction Verification the new standard throughout the US construction industry. SiteAware was created to help contractors and developers overcome these challenges. The company's unique AI-powered DCV platform turns every construction element from the project plans into tagged data to create a digital twin of the building under construction. Each stage of new construction, be it the core, shell, or interior, is documented using drones, on-sitecameras, or people on the ground.