Track3D, a Bay Area-based building an “industry first” unified reality capture tool designed for intelligent construction progress monitoring, has secured $4.3m in venture capital seed funding
Track3D, co-founded by Chaitanya Naredla, Kiran Gutta and Vineeth Paruchuri, claims to be the built environment’s only AI-first reality capture intelligence platform.
It serves as a central hub for all visual data, including data from drones, 360-degree cameras, laser scanners and mobile devices, to provide actionable insights to enhance project oversight and decision-making within a single system.
Rework costs ‘cut by a fifth’
Companies using Track3D’s platform have reported a 15% productivity boost through reducing time spent on non-optimal activities, a 12% improvement in schedule adherence and a 20% reduction in rework costs.
Enterprise clients include US contractors Hensel Phelps and Performance Contracting.
The funding will be used to propel the adoption of Track3D’s reality capture platform, expand its product offerings and bolster go-to-market efforts, the company said.
‘Shaping digital transformation of pivotal sector’
The funding round was led by India-based VC firm Endiya Partners, with participation Shadow Ventures, Monta Vista Capital and others.
“Track3D is a unique example of a vertical, AI-first company shaping the digital transformation of a pivotal sector,” said Sateesh Andra, managing director of Endiya Partners.
“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.”
Track3D co-founder Chaitanya Naredla said: “The financial support from these premiere investors is a testament to how bullish the industry is on the Track3D platform.
“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.”
