Construction Startup TraceAir Secures $3.5M to Expand Drone Site Management
TraceAir raises $3.5 million in a Series A round led by XTX Ventures to grow its drone-based construction monitoring platform. The funding aims to boost sales and marketing while supporting remote project management during the pandemic.
Bay Area-based construction startup TraceAir raises $3.5 million in a Series A funding round led by XTX Ventures. This new investment brings the company's total funding to $7 million and includes participation from both existing and new investors. TraceAir focuses on using drone technology to spot construction errors early before they become expensive problems.
The startup offers a drone management tool called Haul Router that calculates the best objective hauls for each drone scan. This system allows any employee to design a haul road and export the results directly into grading equipment. As the construction industry faces ongoing challenges from the COVID-19 pandemic, TraceAir positions its platform as a crucial tool for managing projects efficiently.
TraceAir's platform enables industry leaders to collaborate with their teams remotely and minimizes the need for a physical presence on-site. The company plans to use the additional funding to bolster its sales and marketing efforts. It also prepares to launch an unnamed new product later this quarter to further enhance its construction site monitoring capabilities.