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XYZ Reality Accumulates £20m Funding to Develop AR Solution for Construction Sector

UK company XYZ Reality has raised Series A funding recently for an augmented reality solution geared towards helping the construction industry. It is a move that signifies the sector’s readiness for adopting technology solutions.

XYZ Reality, a startup company in the UK, has recently raised Series A funding of £20m in its efforts to enhance outcomes in the construction industry with the implementation of augmented reality (AR) technology.

The company is working on an engineering strength AR helmet for projecting in-depth holograms of three-dimensional schematics to workers. This technology will enable construction workers to place objects in virtual space at a precision of 5mm, to observe even the most minor differences in alignment.

The device has a similar appearance to a helmet, and can be used as a solution for reducing the costs of construction projects. According to the company, it can lead to more than 10 percent in savings by reducing errors of architectural sketches compared to finished properties. The AR device can prove to be an effective solution for the UK construction sector that loses billions due to errors every year.

David Mitchell, Chief Executive and Founder, XYZ Reality, said that the use of AR and spatial computing technology is effective for creating three-dimensional solutions that are more useful to workers.

The Series A funding round by XYZ Reality is yet another indicator of the construction sector warming up to the possibilities of working with modern technologies. It has generally shied away from embracing digital technology in comparison to other sectors. The construction industry currently employs approximately 18 million people in the European Union, but has been reluctant in undergoing digitisation in recent times. Many construction companies still do things the old way.

Yet, there has been a shift in this trend in recent times due to the changes in the market due to the Covid19 pandemic.

Rebecca Hunt from European venture investment firm Octopus Ventures, expressed her views on the scenario, saying that construction companies are relying on digitisation due to the circumstances caused by the pandemic. Octopus Ventures is the company leading the Series A funding for XYZ Reality.

According to her, the construction industry is massive but one that has mostly been averse to adopting technological advancements over the years.

The need for high precision in towering projects is one of the major driving forces behind the construction industry opening up to technological advancements. This is largely because even the most minute errors can result in costly reworks.

The augmented reality technology solution being offered by XYZ Reality can help to cut down any error percentages radically and result in significant reduction of error-related expenses.

According to Mitchell, adopting new technology is the only way for construction companies and their workers to identify any errors that can happen, and to prevent them from happening. He comes from a construction background himself and is enthusiastic about bringing about improvements to the sector with technology.

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