XYZ Reality, the technology company behind HoloSite, today announced a £20m investment round led by Octopus Ventures.
Founded in 2017, XYZ Reality plans to revolutionise the construction sector with its Engineering-Grade Augmented Reality (AR) solution, HoloSite.
Designed to enable an on time and on budget delivery of construction projects, by eliminating building errors, HoloSite has been available to select customers through an early access programme and has already been used on projects totalling a value of over £1.5bn over the last 12 months.
With approximately 98% of construction megaprojects facing cost overruns or delays and 7-11% of project costs being spent on correcting errors, XYZ Reality’s purpose-built integrated AR solution directly addresses these issues.
HoloSite, with its safety certified AR hardhat, cloud platform and in-built proprietary software, accurately positions high fidelity 3D design models on construction sites, enabling teams to build it right, first time. The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.
This funding will be used to accelerate the company’s ambition of transforming mission critical construction projects by preparing for HoloSite’s commercial launch in the USA and continuing investment in strengthening research and development. The company is also growing its London team to include key hires across technology, manufacturing, sales and marketing.
David Mitchell, Founder and CEO of XYZ Reality shares his vision: “Today, we’ve developed the world’s first Engineering-Grade AR solution helping construction teams identify errors in real-time, but really that’s just the start of our journey. The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history.”
The latest round of funding is led by Octopus Ventures, one of the largest and most active venture investors in Europe, known for its commitment of investing in companies and founders that are changing the world. Octopus Ventures has a strong track record, spanning investment in health, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in Augmented Reality, which was recently acquired by Snap Inc.
Rebecca Hunt, early-stage investor at Octopus Ventures, comments “We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It’s solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation.”