Why Octopus Ventures invested in XYZ

Our Investment in XYZ

The High Cost of Construction Rework

• 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.

Innovating with HoloSite

• 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.

Real-Time Validation and Cost Reduction

• 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.

Leadership Driving Innovation

David Mitchell, Founder and CEO comes from a construction background.

Having grown up on construction sites, working his way up through the ranks and  then becoming an architect, he saw first hand the problems with the 2D drawing and building process.

Umar Ahmed is David’s Co-founder and COO. Umar holds degrees in both physics and management and worked with Microsoft and Shell as project manager and strategy associate before co-founding XYZ.

Technical Co-Founder, Murray Hendriksen is a leading engineer  with several years’ experience designing and building projects in this space.

Conclusion

XYZ will take its place among a portfolio of AR, AI and robotics companies each navigating its way through emerging industries and applications, some to spectacular exits.

As the company builds out its sales force and addressable market, our New York office will assist the business in launching into the US market.

Hiring and strategic advice in the AR ecosystem will also build on our investment in this dynamic, truly innovative company.

 

You can read the rest of “Why we invested in” collection here:

See the collection