XYZ Reality provides HoloSite, an engineering-grade augmented reality solution that positions high-fidelity 3D design models on construction sites to help teams deliver projects on time and on budget. The system combines a safety-certified AR hardhat, a cloud platform and proprietary software. Its technology has been used on complex projects including data centres, pharmaceutical facilities and airports. The company raised £20m in a Series A led by Octopus Ventures. XYZ plans to use the funds to prepare HoloSite’s commercial launch in the USA, continue R&D investment and grow its London team with hires across technology, manufacturing, sales and marketing. It also announced a partnership with consultancy and construction firm Mace for a hyper-scale data centre project in Europe. XYZ Reality develops the Holosite, an AR-enabled headset that overlays construction models and plans in 3D over the physical site with millimetric accuracy. The Holosite is designed to remove the need for 3D-2D conversion and to minimize the time-consuming validation process that leads to costly remediation. XYZ says the product can save constructors up to 20% of project costs by reducing rework. The company raised £5M to set the foundations for its vision to substitute 2D drawings on-site with augmented reality. The article frames this effort against a $10trn construction sector that is poorly digitalized, where rework accounts for 7–11% of project budgets and costs the industry about $450Bn annually. Leadership named in the article includes CEO David Mitchell, COO Umar Ahmed and CTO Murray Hendriksen.

Total raised

$35M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2021