The Construction Industry contributes to 12% of the World’s GDP and employs about 7% of the Global workforce. And yet, it consistently ranks 2nd lowest in technology adoption, behind only Agriculture. VC Funding for Construction Technology constitutes <1% of Global VC funding. However, the landscape is rapidly evolving and VC Funding in this sector rose by 70x in the last decade.
Fundamentally, the industry requires a high level of organization and coordination to ensure that projects are completed on time, within budget, and to the desired quality. Several startups and large companies have products to cater to this need for project planning and management such as Procore, Oracle, and Microsoft. However, the approach is to capture major activities using a Gantt chart-based project plan which has inherent limitations to capture the dynamic environment of a construction site. There are hundreds of action items within a major activity which are often not independent in terms of resource usage. The inability to track and allocate resources on a dynamic basis can often lead to significant delays.
We at z21 Ventures are pleased to announce our investment in livSYT, a cloud-based SaaS product that provides a scalable solution to this problem. They deliver AI-driven construction site operations management right from the overall project level down to the on-site micro-activity level. In addition, they provide real-time execution, monitoring, control, and optimization of resources to boost on-site productivity. With significant traction in India over the past year over several highway, metro, and building projects, livSYT plans to scale the product in the rest of the world.