Tech firm raises millions to commercialise automated building design
By Neil Gerrard22 June 2023
A company developing an automated building design system for the construction industry has raised US$11.75 million in extra seed capital.
Augmenta will use the funds to commercialise its design platform, doubling its team over the next nine months in engineering, sales and support.
Augmenta aims to bring the Electrical System Design (ESD) module of its Augmenta Construction Platform (ACP) to market in the first quarter of 2024.
The company claimed that its ESD module can generate fully constructible, code-compliant designs of electrical raceway routing for electrical engineers and contractors.
Meanwhile, it also plans to expand into adjacent markets with the development of plumbing and mechanical modules.
The new funding takes the total the company has raised to $15.9 million.
Francesco Iorio, CEO of Augmenta said, “Our vision is to completely disrupt an element of the construction industry that has remained largely unchanged for decades.
“Building on the success of the ESD beta program that is currently underway, we are very well positioned to scale these initial tests as pilots and begin generating revenue as we prepare for our expansion into adjacent markets.”
Charly Mwangi, partner at investment company Eclipse, added, “The construction industry has yet to reap the productivity, scalability, and sustainability benefits of advanced technology other industries have been transformed by.
“Using generative AI coupled with a world-class technical team, Augmenta’s design platform will completely turn the construction industry on its head.”
Mwangi will join the Augmenta board of directors as part of the investment deal. Eclipse led the investment, alongside Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund, and Suffolk Technologies.