Brief
XYZ Reality is developing augmented reality technology suitable for engineering that can be used in a helmet to project 3D imagery. The UK startup has raised $28.2 million to further its work, which XYZ says holds potential for savings by reducing errors commonly introduced between architectural sketches and finished projects.
Insight
XYZ Reality, a UK-based startup founded in 2017, has raised £20m in Series A funding as part of its efforts to radically transform the construction sector through the use of augmented reality (AR).
The company is pioneering an engineering-grade AR helmet that projects detailed holograms of 3D building schematics in front of your eyes, allowing construction workers to position objects to a 5mm accuracy and immediately see when something is out of alignment, even to a minute degree.
While it may look like a glorified motorcycle helmet, the technology could ultimately save up to 11% of costs on building projects, the result of errors introduced between the architectural sketches and the finished buildings, the company says. These errors cost the industry between £10bn and £25bn a year in the UK alone.
“Augmented reality and spatial computing just make sense, because we’re 3D creatures operating in a 3D environment,” David Mitchell, founder and chief executive of XYZ Reality, tells Sifted.
Construction wakeup
XYZ Reality’s Series A round is a further sign that the construction industry is finally waking up to the need to embrace modern technologies.
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