XYZ Reality was founded in 2017 and aims to “revolutionize” the construction sector with its engineering Augmented Reality (AR) solution Holosite.
HoloSite is designed to enable construction projects to be completed on time and on budget by avoiding construction errors. HoloSite is available to select customers through an early access program and has been used last year on projects valued at over £ 1.5bn.
Since around 98% of construction mega-projects are faced with cost overruns or delays and 7-11% of project costs are spent on correcting errors, XYZ Reality’s specially developed integrated AR solution addresses these problems directly.
With its safety-certified AR hard hat, cloud platform and built-in proprietary software, Holosite positions 3D construction models accurately on construction sites with high fidelity and enables teams to build them correctly the first time. The technology system has been used in complex construction projects such as data centers, pharmaceutical facilities and airports.
This funding will be used to accelerate the company’s ambitions to transform projects by preparing for HoloSite’s commercial launch in the US and further investing in strengthening research and development. The company is also adding key technology, manufacturing, sales and marketing employees to its London team.
David Mitchell, Founder and CEO of XYZ Reality, said when developing his eAn engineering-grade AR solution that helps construction teams spot defects in real time is just the beginning.
“The next phase is Assisted Reality, in which our spatial computing technology has the intelligence to automatically detect and report problems in the field. And ultimately the goal is to build the building owner.” from holograms. Our vision to create products that change the world is in line with Octopus Ventures’ mission to invest in companies that are driving the next industrial revolution. We look forward to the building history. “
The latest funding round is led by Octopus Ventures, one of the largest and most active venture investors in Europe known for its commitment to investing in companies and founders that are changing the world. Octopus Ventures has a strong track record that includes investing in healthcare, fintech, consumer, B2B software, and deep tech. This includes WaveOptics, one of Octopus Ventures’ early investments in augmented reality that was recently made by Snap Inc.
Rebecca Hunt, Early Stage Investor at Octopus Ventures, said: “We have always invested in entrepreneurs driving industry change, and XYZ is doing just that. Solving a massive problem that costs the construction industry billions every year, it uses its engineering-grade augmented reality solution to transform the way the industry is approached to advance. The founding team of David, Umar and Murray has extensive professional and technical expertise, which in our opinion makes XYZ unique to drive this transformation forward. “
XYZ Reality also announces a new partnership with Mace for the construction of a. known Hyperscale data center in Europe. Since fast time to market is especially important for mission critical builds, HoloSite’s AR technology will play an important role in supporting an accurate and time efficient build for Clubwho appointed last week Jon McElroy his new managing director for international technology.
Mace Technical Director, Stephen Henley, said: “Mace has earned a reputation for redefining the limits of ambition and always bringing efficiency, innovation and responsibility to our projects. With the implementation of the groundbreaking AR system from XYZ, we are still committed to making projects faster, safer and better than ever before. ”
Five years ago, Heath Bellini by Goldman Sachs Research expects virtual and augmented reality to become an $ 80 billion market by 2025.
But according to a new study by the global technology consultancy ABI research, nearly 28 million augmented and mixed reality data glasses will be shipped in 2026, while the total global AR / MR market will exceed $ 175 billion in the same year.
“Large hardware, software and service technology companies are familiar in the consumer space and are driving strong and consistent overall growth,” says Eric Abruzzese, Research Director for ABI Research. “These big tech names with active investments and products ranging from already available to announced to as good as announced are creating an AR market for consumers that will be dynamic and inviting rather than struggling and immature.”