LivSYT, a construction management software provider, has secured $2.5 million in a seed funding round led by Silicon Valley Quad and Inventus Capital. This latest capital injection brings the total funding raised by LivSYT to $4.5 million. The company plans to use these funds to expand into the US market and explore new applications of artificial intelligence and machine learning.
Founded in 2021 by Karthik Thumu, LivSYT aims to reach $5 million in annual recurring revenue (ARR) by November 2025. The current ARR for the company stands at $1 million. Chief Financial Officer Brajesh Bhanj Deo expressed enthusiasm for this new phase, emphasizing the support and expertise of their investors in their mission to revolutionize construction management.
The global construction industry has experienced substantial growth, with a total value of $13.57 trillion in 2023, driven by increased investments in global infrastructure projects. This growth trend is closely tied to the industry’s growing reliance on technology, including mobile platforms and AI, to enhance project efficiency and safety.
In the United States, the construction sector is projected to see a 5.9% increase in construction deliveries in 2023, according to real estate services firm JLL. Non-residential construction inputs in the US and Canada have surpassed historical rates, presenting a significant opportunity for LivSYT’s services.
LivSYT’s client portfolio includes consulting and engineering firms such as Systra, DRA, and Elemental Realty. The company’s on-site construction management software is designed to boost productivity and profitability in construction projects.
The Indian on-site construction management software sector has seen limited funding deals in recent years, with startups still in the early stages of development. In 2022, Onsite, a mobile-based application for construction projects, secured $1.5 million in a seed funding round from investors, including Artha Venture Fund, Foundamental, and Madhumala Ventures. Additionally, Powerplay raised $7.14 million in a Series A round in 2022, led by Accel with participation from Surge and India Quotient, among others.
That’s incredible news! LivSYT is making waves in the construction management software industry. They have recently secured an impressive $2.5 million in funding and are becoming a major player in the tech world. Sending my best wishes to the LivSYT team!
~ Dr Shishir Gupta founder & CEO of StartupLanes
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