Hyderabad – September 11, 2024 – Track3D, an AI-first startup pioneering a groundbreaking reality intelligence platform for the construction industry, announced today that it has secured $4.3 million in seed funding. The round was led by Endiya Partners, with participation from Shadow Ventures, Monta Vista Capital, and others. This investment will drive the adoption of Track3D’s unified reality capture data platform, which is designed for intelligent, comprehensive, AI-powered construction progress monitoring.
“Track3D is a unique example of a vertical, AI-first company shaping the digital transformation of a pivotal sector. We believe the time is now for a unified, data-agnostic construction monitoring solution to realize real-time, accurate and cost-efficient progress tracking and deviation analysis. We’re thrilled to back Track3D’s progress, and the team which is driven by the passion to enable structural change in an industry,” says Sateesh Andra, Managing Director, Endiya Partners.
Track3D, co-founded by Chaitanya Naredla (“NK”), Kiran Gutta, and Vineeth Paruchuri, is the built environment’s only AI-first Reality Intelligence Platform. It serves as a central hub for all visual data, transforming reality capture data from a system of record to a system of intelligence. Utilizing visual data from drones, 360 cameras, laser scanners, and mobile devices, Track3D provides actionable insights to enhance project oversight and decision-making within a single intuitive system.
Track3D’s Hyderabad office, with about 100 experts in Product, ML/AI, Engineering, and Support, is central to the platform’s development. They drive key advancements in AI-driven analytics and 3D computer vision, enhancing reality intelligence platforms on both the Web and Mobile.
Beyond technology, Track3D has significantly contributed to the local economy through job creation and partnerships with educational institutions in Andhra Pradesh and Telangana. The company plans to expand its workforce in India and is set to open a new office next year to support its ongoing growth and innovation.
“The financial support from these premiere investors is a testament to how bullish the industry is on the Track3D platform,” said Track3D CEO and co-founder NK Chaitanya. “Reality capture isn’t particularly new, but Track3D’s Reality Intelligence Platform is a first-of-its-kind unified platform that turns raw data into exponentially more valuable information with advanced AI tools. No more guesswork. Whether you’re in pre-planning, mid-project, or final handover, Track3D acts as your platform for all reality intelligence with a level of detail not offered by any other platform. If you can see it, we can capture and analyze it, without the need for BIM.”
Track3D’s platform has boosted productivity by 15%, improved schedule adherence by 12%, and cut rework costs by 20%, winning enterprise clients like Hensel Phelps and PCI.
”Our partnership with Track3D marks a pivotal shift from juggling multiple reality capture solutions to embracing a unified, standardized platform. With Track3D, we’ve achieved a perfect synergy of speed, accuracy, and cost-efficiency that’s pivotal for modern construction monitoring,” says Thai Nguyen, Director of Innovation, Hensel Phelps. “Since our initial collaboration in mid-2023, we have expanded our operations from a single pilot to over 30 projects this year alone. The responsiveness and robust support from Track3D have been instrumental, setting us on a promising path to scale to 100 projects next year. Track3D isn’t just a tool; it’s a game-changer for the construction industry, redefining how we approach project monitoring and execution.”