Traceair Raises $3.5M to Revolutionize Construction with Drones

TraceAir, a construction technology company located in the Bay Area, revealed today that it has secured $3.5 million in Series A funding. This investment round was spearheaded by XTX Ventures, a firm based in London, and increases the company’s overall funding to $7 million. The funding round also saw participation from returning investor Metropolis VC, as well as new investors including Liquid 2 Ventures, GEM Capital, GPS Ventures, and Andrew Filev.

We initially covered this company in 2016, when they presented a system for utilizing drones to identify construction mistakes early on, before they lead to significant costs. This is a substantial area with numerous technology firms working to provide solutions through diverse approaches, including four-legged robots and hard hats equipped for site monitoring.

In February of last year, TraceAir unveiled a new tool for drone operations. According to the company, “Haul Router delivers the most mathematically sound flight paths for each drone scan.” They also stated, “This tool enables any team member to create a haul road plan and share the data with grading machinery.”

The construction sector, like many others, has faced disruption due to the pandemic. However, unlike some industries, demand has remained strong in numerous locations. TraceAir believes its technology will be valuable as companies look for ways to maintain progress despite ongoing challenges.

“The Covid-19 pandemic introduced new difficulties for the construction industries in the U.S. and globally, leading to project delays and increased unemployment,” stated Dmitry Korolev, CEO of TraceAir, in a press release. “Our platform empowers industry professionals to manage projects with greater efficiency and facilitate remote teamwork, reducing the requirement for on-site personnel.”

TraceAir reports that the new capital will be allocated to expanding its sales and marketing efforts, as well as supporting ongoing product innovation, including a new product scheduled for launch this quarter.