TraceAir’s Platform and Drone Technology
TraceAir is a construction technology startup based in Redwood City, California, that has developed a cloud-based platform and drone programming to progress the construction industry as a whole. The startup’s cloud-based platform offers a variety of features for construction companies that can reduce waste, minimize errors, and better communicate in order to create a more successful project. These features include balance tools for tracking and cutting, sequence planning software, overlay tech for project documentation, a mobile-friendly web platform, a portfolio dashboard, and, of course, drone technology.
The drone technology that the startup is responsible for deals mostly with capturing 3D topographic images of the areas where projects are set to take place. From there, TraceAir will help the business overlay the design documentation to better compare designs to the land and, thus, better make adjustments. The initial plan for the technology was for the drones to spot construction mistakes early on in order to prevent costly mistakes. However, the startup’s plans developed far beyond that original goal. This progression of the startup’s drone technology has in turn attracted several investors.
TraceAir’s Funding Round and Future Plans
In TraceAir’s Series A funding round, the startup raised $3.5 million. This brings the company’s funding up to a total of $7 million. The funding round was led by XTX Ventures with participation from Metropolis VC, Liquid 2 Ventures, GEM Capital, GPS Ventures, and Andrew Filev. The startup plans to use the new capital by investing heavily in sales and marketing to expand its customer base. Furthermore, the company aims to use some of the money raised for its future product currently being developed. TraceAir plans on releasing this new product sometime this quarter.
When commenting on the current state of the company and the recent funding, CEO of TraceAir, Dmitry Korolev, said, “The [COVID-19] pandemic created new challenges for the US and worldwide construction industries, resulting in delayed projects and growing unemployment rates. Our platform allows industry leaders to manage projects more efficiently and collaborate with their teams remotely, minimizing the need for a physical presence on-site.”
TraceAir is bringing the construction industry into the modern age through its efficient and effective platform and drone technology. With the newest raised capital, the company can continue bringing in new businesses and further developing their development.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.