Hong Kong-based viAct raises $2M for its automated construction monitoring platform
Hong Kong-based viAct helps construction sites perform around-the-clock monitoring with an AI-based cloud platform that combines computer vision, edge devices and a mobile app. The startup announced today it has raised a $2 million seed round, co-led by SOSV and Vectr Ventures. The funding included participation from Alibaba Hong Kong Entrepreneurs Fund, Artesian Ventures and ParticleX.
Founded in 2016, viAct currently serves more than 30 construction industry clients in Asia and Europe. Its new funding will be used on research and development, product development and expanding into Southeast Asian countries.
The platform uses computer vision to detect potential safety hazards, construction progress and the location of machinery and materials. Real-time alerts are sent to a mobile app with a simple interface, designed for engineers who are often working in a noisy and dynamic environment that makes it hard to look at detailed dashboards," co-founder and chief operating officer Hugo Cheuk told TechCrunch.
Construction tech startups are poised to shake up a $1.3-trillion-dollar industry
As companies signed up for viAct to monitor sites while complying with COVID-19 social distancing measures, the company provided training over Zoom to help teams onboard more quickly.
Cheuk said the company's initial markets in Southeast Asia will include Indonesia and Vietnam because government planning for smart cities and new infrastructure means new construction projects there will increase over the next five to 10 years. It will also enter Singapore because developers are willing to adopt AI-based technology.
In a press statement, SOSV partner and Chinaccelerator managing director Oscar Ramos said, COVID has accelerated digital transformation and traditional industries like construction are going through an even faster process of transformation that is critical for survival. The viAct team has not only created a product that drives value for the industry but has also been able to earn the trust of their customers and accelerate adoption."