Construction Intelligence Platform OnsiteIQ Shares The Pitch Deck Used To Raise $10M!
Costly delays that drastically inflate the cost of building plague the construction industry. According to the National Multifamily Housing Council, 84% of multifamily construction-and-development firms experienced job-site delays in the last quarter of 2022. On massive plans, each day a project faces delays can cost the developer tens of thousands of dollars.
Why? It’s because the industry is extremely fragmented, with large jobs employing dozens of different contractors, each with its own schedule and materials needs. For Ardalan Khosrowpour, the founder and CEO of OnsiteIQ, the key to speeding up construction is improving the tools for people at the tops of the decision chains: the investors.
“The industry is very fragmented, but at the investor level, it all becomes consolidated,” Khosrowpour told Insider.
For those investors, or the developers who run the projects, getting status updates is paramount. Right now, these developers hire consultants who walk job sites and speak with contractors and subcontractors to get holistic views of sites. But according to Khosrowpour, there’s always “information asymmetry,” or the inability to get contractors on the same page with investors in terms of job progress.
As a result, the people with the most incentive to get jobs done quickly can find themselves left in the dark. According to Khosrowpour, that’s why 72% of construction projects experience delays.
“By the time they hear a project is going to be delayed, it’s already three months too late,” Khosrowpour, whose father was a general contractor with Shayan Fars in Iran, said.
That’s where OnsiteIQ’s AI-vision tech comes into play. Here’s how it works:
Developers hire a gig worker and give them a 360-degree camera to walk a job site and capture every square inch of the project on weekly or monthly bases. They then upload those images using the company’s software, which maps the data against the project blueprints and charts the project’s progress.
Khosrowpour — a former AI-and-engineering grad student — built OnsiteIQ to first help insurance firms monitor site risks, and later focused on investors’ needs. It is this later development that differentiates his product from other AI tech, he said.
Khosrowpour walked Insider through the pitch deck that helped the firm raise $10 million. Vertical Venture Partners and ValueStream Ventures led the round, with MetaProp, a firm of proptech specialists, also participating. OnsiteIQ has now raised $22 million since its founding in 2017.