CEMEX Ventures has announced that it has invested in StuctionSite, a US-based startup that creates digital worksite models through 360° cameras. This solution saves around 60% of the time required to calculate progress at a worksite, a process that comprises about 1.74% of the total cost of a construction project.
StructionSite uses 360° cameras, which provide data to its software, to create its digital models. These cameras digitalise and document worksite progress. With the user’s position, ‘computer vision,’ and ‘machine learning’ technology, StructionSite software is able to process, analyse, and create images of the worksite in order to identify key elements and evaluate advancements.
The investment aims to streamline the construction phase of a project by reducing the time taken to calculate progress and obtain the contextualised information, to enable strategic decision-making and improved coordination between those involved. Differential value is offered by the solution, as it provides support on a web-based platform and mobile application. This is combined with ease of use and integration with other tools to streamline the pace of information.
StructionSite is currently focused on the US market and participated in the ‘500 Startups’ acceleration programme, in which it developed a successful business model. This led to StructionSite becoming a leading solution to transform the construction industry and started a round of investment led by CEMEX Ventures.
CEMEX Ventures also expects to increase StructionSite’s presence in the US and help it to explore new international markets. The investment gives StructionSite access to the company’s strategic network, as well as the support of its global R&D, marketing and communication, and operating facilities in more than 50 countries.
CEMEX Ventures was launched in 2017 to focus on helping to overcome the main challenges and capitalise on the opportunity areas in the construction ecosystem through sustainable solutions.