OnSiteIQ raises $10 million

OnSiteIQ closed a $10 million Series A funding round from MetaProp NYC, ValueStream Ventures, and Vertical Venture Partners, bringing its total funding to $22 million.

Founded in 2017, the NY-based startup (team of ~60) is a visual documentation service for construction projects. It provides a platform that leverages machine intelligence and computer vision to automatically map 360-degree walkthrough images to construction plans and provide seamless, remote progress, quality, and safety audit capability to construction stakeholders.

Oxbow Partners offered an old use case involving insurance – with OnSiteIQ, an insurer that was only able to inspect one out of every ten projects they insured was able to inspect twice as many sites at half the expense of a physical inspection and with a greater geographical distribution.