The fresh capital infusion, which pushes the overall sum raised to $4.5 million, will help LivSYT expand into the US market and explore new artificial intelligence and machine learning use cases.
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The company, currently at the scale of annual recurring revenue (ARR) of $1 million, was founded by Karthik Thumu in 2021. It aims to achieve $5 million in ARR by November 2025, chief financial officer Brajesh Bhanj Deo said in a statement.
“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, the company said, reached a value of $13.57 trillion in 2023, driven by increasing investments in infrastructure projects worldwide. This trend is accompanied by a growing reliance on technology, including mobile platforms and AI, to improve project efficiency and safety, it added.
In the United States, the construction industry is set to witness 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 exceeded historical rates, presenting a substantial opportunity for LivSYT’s services, the statement said.
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LivSYT’s portfolio of clients include consulting and engineering firms such as Systra, DRA and Elemental Realty. It services them with its on-site construction management software that helps boost productivity and profitability at projects.The on-site construction management software space in India has seen only few funding deals in recent years, with players in early stages of building.
Onsite, a mobile-based application for construction projects, had raised $1.5 million in a seed funding round from Artha Venture Fund, Foundamental and Madhumala Ventures, among other investors, in 2022.
Also in 2022, Powerplay raised $7.14 million in a series A round led by Accel with participation from Surge and India Quotient among others.
