• There are no suggestions because the search field is empty.

From some wins to a major milestone: Series A Funding round

Well, we’ve had some nice wins recently. Some highlights: being named one of the top 2 most disruptive uses of Artificial Intelligence by NVIDIA, and being featured by Skanska in their recent ENR FutureTech presentation.

And now, we’ve got big news!  Newmetrix is moving to the next phase of building the company by closing our Series A funding round.  We raised $7M overall, with investments from Autodesk, Borealis Ventures, Castor Ventures, and existing investors Converge, Launchpad Venture Group and Stage 1 Ventures

This funding will make it possible for us accelerate the delivery of AI to the Architecture, Engineering, and Construction (AEC) industry and the built environment as a whole.  That means more categories of things our “Vinnie” engine can recognize, more features for leveraging its observations, and more value for our customers and partners.

They’re already excited:

“We’ve been working with Newmetrix since the beginning so it’s exciting to see the progress that the company has made. From being another pair of “eyes” on site monitoring for safety to jobsite safety and progress walks using video to making imagery easier to find for our marketing department, we’re just beginning to tap into the tremendous potential for AI to help us in multiple aspects of our business.” 
Ryan Salvas, Director of Innovation, Skanska CD 

The things we learn from partnerships are central to how we’ve built our company. Working with customers in our initial (and ongoing) product development directly shapes what we do every day. Partnering with industry players like ENR on safety, and integrating our technology with companies like Autodesk and others, has exponentially multiplied the data we’re using to train our AI. Good data is everywhere, and we’ll continue to grab as much of it we can to increase our product’s value for users.

Safety on contruction jobsites. Image courtesy of ENR.Image courtesy of ENR

And speaking of Autodesk: we’ll be working even more closely with them as they become an investor in us with this latest funding round!  Why is that so important? They’re obviously a great product, and we love working with team members new and old (including some of our oldest friends from Vela Systems). We’re also excited to expand our Autodesk BIM 360 integration and find new ways to make it more effective.

But the best thing about Autodesk is how in tune they are with our mission of integrated data. Our partnership with them in no way limits - and in fact expands - our capacity to build integrated solutions with all our partners, both new and existing. Autodesk fully understands how important “data neutrality” is, not just to our products’ success, but as a business imperative to the ever-increasingly interconnected industrial world of tomorrow. We can’t thank them enough for their aligned vision and their ongoing support.

So, what’s next?  Stay tuned for updates throughout our next phase of product development as we gear up to seriously improve safety, quality, and productivity in construction and beyond. There are so many ways to make magic with a photo & video platform driven by deep learning, and we’re on a journey to find & deliver you the best ones.

Want to join us? We’re hiring! Newmetrix is always looking for folks who want to live at the fascinating intersection of deep learning and the industrial world. If you’re interested, please visit our Careers page.

Written by Josh Kanner

Josh Kanner has been involved in enterprise-focused software startups since 2000 with a focus in the AEC (architecture, engineering and construction) industry since 2005.

Most recently he was co-founder of Vela Systems, a pioneer in the use of web and tablet workflows for construction and capital projects. There he led the company’s product, marketing, and business development functions. Vela Systems grew from bootstrapped beginnings to include over 50% of the ENR Top Contractors as customers and deployments all over the globe. The company was successfully acquired by Autodesk in 2012 and has been rebranded as BIM 360 Field.

Prior to founding Vela Systems, Josh was responsible for product management and strategy at Emptoris (now part of IBM), a web-based strategic sourcing software company with customers including Motorola, GlaxoSmithKline, Bank of America, and American Express.

Kanner graduated from Brown University and earned an MBA from MIT’s Sloan School of Management. He still gets excited to put on a hard hat and walk a job.

View more posts by Josh Kanner.

Follow me:

Related Posts

Leave a Comment: