“Track3D isn’t just a tool; it’s a game-changer for the construction industry,” says Thai Nguyen, Director of Innovation, Hensel Phelps
SAN FRANCISCO, Sep. 10, 2024 — Track3D, a Bay Area-based AI-first startup, building a pioneering reality intelligence platform for the construction industry, announced today that it has secured $4.3 million venture capital seed funding. The funding will propel the adoption of Track3D’s groundbreaking unified reality capture data platform, designed for intelligent, comprehensive, AI-powered construction progress monitoring. The seed round was led by Endiya Partners, with participation from Shadow Ventures, Monta Vista Capital and others. The funds will be used to expand Track3D’s product offerings and bolster its go-to-market efforts.
“Track3D is a unique example of a vertical, AI-first company shaping the digital transformation of a pivotal sector. We believe the time is now for a unified, data-agnostic construction monitoring solution to realize real-time, accurate and cost-efficient progress tracking and deviation analysis. We’re thrilled to back Track3D’s progress, and the team which is driven by the passion to enable structural change in an industry,” says Sateesh Andra, Managing Director, Endiya Partners.
Track3D, co-founded by Chaitanya Naredla (“NK”), Kiran Gutta, and Vineeth Paruchuri, is the built environment’s only AI-first Reality Intelligence Platform. It serves as a central hub for all visual data, transforming reality capture data from a system of record to a system of intelligence. Utilizing visual data from drones, 360 cameras, laser scanners, and mobile devices, Track3D provides actionable insights to enhance project oversight and decision-making within a single intuitive system.
“As a leading venture investor in construction technology, I have seen many companies trying to solve this problem. We invested in Track3D not just because they are giving unprecedented transparency into the construction process but because their technology works with projects of all sizes due to their transformational AI-based computer vision platform. Track3D is not just having an impact on one of the largest industries in the world, but society itself,” says KP Reddy, founder and CEO, Shadow Ventures.
“Track3D brings unique insights and unparalleled value to the industry by leveraging the power of AI and 3D image capture. The results enable macro-scale construction projects to be delivered faster, better, on or below budget. It is an industry game-changer,” says Roger Krakoff, Monta Vista Capital.
“The financial support from these premiere investors is a testament to how bullish the industry is on the Track3D platform,” said Track3D CEO and co-founder NK Chaitanya. “Reality capture isn’t particularly new but Track3D’s Reality Intelligence Platform is a first-of-its-kind unified platform that turns raw data into exponentially more valuable information with advanced AI tools. No more guesswork. Whether you’re in pre-planning, mid-project, or final handover, Track3D acts as your platform for all reality intelligence with a level of detail not offered by any other platform. If you can see it, we can capture and analyze it, without the need for BIM.”
Track3D’s platform has already demonstrated significant impacts, with companies reporting an average of a 15 percent productivity boost by reducing time spent on non-optimal activities, a 12 percent improvement in schedule adherence, and a 20 percent reduction in rework costs. Track3D is experiencing robust growth and engagement, having already secured enterprise clients such as Hensel Phelps and Performance Contracting, Inc. (PCI). The rapid adoption by these industry leaders demonstrates the substantial value they find in Track3D’s reality intelligence platform.
“Our partnership with Track3D marks a pivotal shift from juggling multiple reality capture solutions to embracing a unified, standardized platform. With Track3D, we’ve achieved a perfect synergy of speed, accuracy, and cost-efficiency that’s pivotal for modern construction monitoring,” says Thai Nguyen, Director of Innovation, Hensel Phelps. “Since our initial collaboration in mid-2023, we have expanded our operations from a single pilot to over 30 projects this year alone. The responsiveness and robust support from Track3D have been instrumental, setting us on a promising path to scale to 100 projects next year. Track3D isn’t just a tool; it’s a game-changer for the construction industry, redefining how we approach project monitoring and execution.”
“Track3D has transformed our approach to construction monitoring, allowing us to track a wide array of elements with unprecedented accuracy and minimal dependence on traditional inputs. The platform’s capability for detailed production tracking has brought a new level of specificity and insight into our operations. Within just six months, we’ve successfully scaled our use of Track3D across multiple projects, and we are excited about the prospects for further expansion,” says Brett Dahmer, Vice President, Operations Finance, Performance Contracting, Inc.
About Track3D
Track3D, a Bay Area-based AI-first startup, is dedicated to transforming the construction industry with its pioneering Reality Intelligence Platform. As the built environment’s only AI-first unified reality data capture platform, Track3D serves as the central hub for all visual data, delivering a system of intelligence that transforms raw data into actionable insights. The platform integrates advanced AI tools with data from drones, 360 cameras, laser scanners, and mobile devices into a single, intuitive system. Learn more at https://www.track3d.ai/
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SOURCE Track3D
