XYZ Reality secures £20m Series A funding from Octopus Ventures to drive international expansion.
The financing round was led by Octopus Ventures with backing from both new and existing investors.
XYZ Reality builds engineering grade augmented reality platforms that project three dimensional models onto construction sites to eliminate building errors.
XYZ Reality has secured a twenty million pound Series A investment led by Octopus Ventures, with participation from several new and existing backers. The company produces an augmented reality hardhat system called HoloSite designed to eliminate errors on major construction projects across Europe. The proceeds will fund international expansion into the United States and further research and development for the proprietary platform. Additional backing for the round came from Adara Ventures, Amadeus Capital Partners, Hoxton Ventures, J Coffey Construction, Activum SG, Optimas Capital and Tishman Speyer.
From the founder
"Today, we’ve developed the world’s first Engineering-Grade AR solution helping construction teams identify errors in real-time, but really that’s just the start of our journey. The next phase is Assisted Reality, where our spatial computing technology will have the intelligence to automatically detect and report issues in the field. And ultimately, the goal is builders building from holograms. Our vision of developing world changing products aligns with Octopus Ventures’ mission of investing in companies that are powering the next industrial revolution. We look forward to building history."
David Mitchell
Founder and CEO at XYZ Reality
Investor perspective
"We’ve always invested in entrepreneurs leading industry change and XYZ is doing just that. It’s solving a massive problem that costs the construction industry billions every year, using its Engineering-Grade Augmented Reality solution to spearhead a shift in the sector’s approach. The founding team of David, Umar and Murray have deep domain and technical expertise, which we believe makes XYZ uniquely placed to drive this transformation."
Rebecca Hunt
Partner, Octopus Ventures
Use of funds
- 01Expand into international markets
- 02Fund research and development
Investors
Rebecca Hunt
Octopus Ventures
Adara Ventures
Amadeus Capital Partners
Hoxton Ventures
J Coffey Construction
Activum SG
Optimas Capital
Tishman Speyer
Categories
About the company
XYZ Reality
XYZ Reality develops engineering grade augmented reality technology for the construction industry.