CEMEX invests in digital worksite startup
First publishedon www.AggBusiness.com
The innovation and venture capital unit of building materials giant CEMEX has invested in StructionSite, a US-based startup that creates digital worksite models using 360-degree cameras.
CEMEX Ventures says the StructionSite solution saves about 60% of the time required to calculate progress at a worksite, a process comprising about 1.74% of the total cost of a construction project.
To create its digital models, StructionSite uses 360-degree cameras that provide data to its software, which digitalises and documents worksite progress. Through the user’s position, ‘Computer Vision,’ and ‘Machine Learning’ technology, StructionSite’s software processes, analyses, and creates images of the worksite to identify key elements and evaluate advancements.
CEMEX says that the new investment streamlines a project’s construction phase by reducing the time to calculate progress and obtaining the contextualised information to enable strategic decision-making and improved coordination between the actors involved. It adds that the StructionSite solution offers deep differential value by providing support on a web-based platform and mobile application, combined with ease of use and integration with other tools to streamline the pace of information.
Currently focused on the US market, StructionSite participated in the ‘500 Startups’ acceleration programme in which it developed a business model designed to enable it to close sales with the US largest constructors.
In addition to the funding, CEMEX Ventures says it expects to increase StructionSite’s presence in the US and help it to explore new international markets. The investment gives StructionSite access to CEMEX’s strategic network and the support of its global research and development, marketing and communication, and operating facilities across more than 50 countries.