Investment thesis
- Rework on construction sites costs firms in the UK around £10-25 billion a year.
- Construction work is currently carried out by designing in 3D, converting those 3D designs into 2D plans and then building in 3D. This conversion to 2D plans can cause a variance in understanding and interpretation, causing building errors.
- Inspections currently take place after works have been done by using laser scanners which can take hours to weeks to validate the existence of problems. Around 98% of construction megaprojects face cost overruns or delays with 7-11% of project costs spent on correcting errors. XYZ Reality’s integrated AR platform, HoloSite, including a safety certified AR hardhat, cloud platform and in-built proprietary software, accurately positions high fidelity 3D design models on construction sites, allowing teams to build it right, first time.
- Using HoloSite allows the validation of works to take place in real-time, therefore eliminating the need for laser scanners and reducing time and costs spent on rework.
- The technology system has been used on complex construction projects including data centres, pharmaceutical facilities and airports.
- The core principle for the business is to ensure things are built correctly the first time reducing expensive and time-consuming reworks. The technology is fully certified to EU safety standards.
