LivSYT, a provider of construction management software, announced that it secured $2.5 million in funding from Silicon Valley Quad and Inventus Capital. This funding boosts their total raised amount to $4.5 million.
With this fresh infusion of capital, LivSYT is set to expand into the US market and explore new applications for artificial intelligence and machine learning.
Currently, the company generates $1 million in annual recurring revenue (ARR), was founded by Karthik Thumu in 2021. It has set a target of reaching $5 million in ARR by November 2025, according to a statement by its CFO, Brajesh Bhanj Deo.
“We are excited to embark on this new journey, leveraging the expertise and support of our investors to further our mission of transforming construction management,” Thumu said.
The global construction market has grown to $13.57 trillion in 2023, driven by increased investments in infrastructure projects worldwide. This growth is coupled with a growing reliance on technology, such as mobile platforms and AI, to enhance project efficiency and safety.
In the United States, the construction industry is projected to witness a 5.9% increase in construction deliveries in 2023, as reported by real estate services firm JLL. The US and Canada have experienced above-average non-residential construction inputs, providing a substantial opportunity for LivSYT’s services.
LivSYT serves clients like consulting and engineering firms such as Systra, DRA, and Elemental Realty with on-site construction management software that boosts productivity and profitability on projects.
The on-site construction management software sector in India has seen limited funding deals recently, with early-stage players.
In 2022, Onsite, a mobile-based construction project application, secured $1.5 million in seed funding from investors like Artha Venture Fund, Foundamental, and Madhumala Ventures. In the same year, Powerplay raised $7.14 million in a series A round led by Accel, with participation from Surge and India Quotient, among others.
