HUVIAiR Technologies said it has secured $3.2 million (around Rs 23 crore) as a part of its Series A funding led by Chiratae Ventures.
The round also saw participation from SOSV, RMZ Management LLP and Artesian Venture Partners.
The Bangalore-headquartered platform plans to use the fresh capital for new hirings, roll out fresh product features, add more customers in India and a few strategic markets overseas, including the US.
Founded by Vikshut Mundkur and Arjun Janananda, HUVIAiR offers remote monitoring and management software for construction projects.
“Our deep-learning engine can analyse and derive invaluable insights from multiple visual input-streams. This engine is enabling exciting use-cases such as topography and volumetric analysis, remote construction monitoring, virtual site-walkthroughs, artificial intelligence-generated progress reports, snag management and many more," said Arjun Janananda, Co-Founder of HUVIAiR.
Their flagship software-as-a-service platform CONSTRA, derives insights from images and videos to help through the planning, building and inspection stages of construction projects.
According to the firm’s statement, CONSTRA helps companies to save up to 65% of the time on progress monitoring, reduce their supervisory manpower requirement by at least 50% and reduce the overall project cost by up to 20%.
“Technology adoption and disruption in the construction industry has been nascent at best previously. COVID-19 has accelerated the need for a digital-first approach many-fold and it has become critical to re-think business operations," said TCM Sundaram, Founder and Vice Chairman at Chiratae Ventures.