Boston-based AirWorks Solutions, a developer of aerial mapping software, has raised close to $2.7 million in funding. MetaProp led the round.
Boston, MA (September 17, 2020) — AirWorks Solutions, a developer of autonomous II funding. AirWorks is developing aerial mapping software to help civil engineers and land developers assess and analyze construction sites in near real time. The round was led by MetaProp, the venture capital firm focused exclusively on PropTech, and included the participation of Innospark Ventures, Creative Ventures, Met Fund, and angel investors. With this Seed round, MetaProp’s co-founder and general partner Zach Aarons will also join AirWorks’ Board of Directors.
With the funding raised this round, AirWorks will expand its sales and customer success teams to support new and early-stage customers, all while working to distribute its aerial mapping software across the U.S. AirWorks will also continue to develop its self-service web application to further its automation of the aerial mapping process.
“We’re excited about this funding round, which includes participation from new venture partners as well as existing investors. We were the first company to launch an AI product for computer-aided design (CAD) drawing generation from aerial data in 2019, and have secured several big clients since then. This additional funding will allow us to push the boundaries with the vision of field-to-finish automation. We take a lot of pride in helping engineering professionals grow their business, and are happy to continue improving today’s design and construction processes.” — David Morczinek, CEO of AirWorks.
AirWorks’ software interprets aerial data collected by drones, aircrafts, and satellites. Then, using the data acquired, the software helps firms analyze construction sites. In addition, AirWorks provides engineers with important information about a site’s features. Through proprietary machine learning and aerial mapping technology, the software autonomously converts aerial datasets into CAD site plans. Having this information available on day one of the preliminary design process dramatically improves the ability to create accurate plans and designs, which ultimately leads to better on-the-ground decision-making, cost savings, and fewer delays.
New construction is booming around the globe due to population increases, economic upturns, and antiquated infrastructures in need of repairs. While demand for cutting-edge engineering software has increased, existing technologies in the space have remained outdated and relatively unchanged for almost a century. The same is true for the creation of accurate location data in site surveys during the construction design and quality assurance processes. Engineers often wait months for site data – such as topography and existing conditions – before projects can move forward; this often means that critical decisions need to be made without that data. In turn, at least two out of every three construction projects are delayed and over $200 billion per year is wasted globally.
“Back when I was still a real estate developer, I had an important, multi-million dollar deal nearly fall apart during the closing process due to a faulty ALTA survey. Since then, I have been searching for a software company that can leverage artificial intelligence and computer vision to make sure those types of problems never arose again during a real estate transaction. Airworks provides that solution, and much more. At MetaProp, we believe that Airworks can radically improve efficiency and accuracy for both surveyors and civil engineers. It’s been a privilege to work with their specialized team and to watch their company grow.” — Zach Aarons, Co-Founder and General Partner, MetaProp.
AirWorks was founded in 2017 by David Morczinek and Adam Kersnowski. Their individual backgrounds in aerospace engineering and construction led to a combined desire to harness the power of artificial intelligence and machine learning to automate a traditionally stale aerial data processing process. Headquartered in Boston, AirWorks employs a team of unmatched AI experts, full-stack developers, designers, marketers, surveyors, GIS professionals and civil engineers all working together to redefine what CAD drafting means for firms in the built world. For more information, visit http://airworks.io/.
MetaProp is a New York-based venture capital firm focused on the real estate technology (“PropTech”) industry. Founded in 2015, MetaProp has invested in 120+ technology companies across the real estate value chain. The firm manages multiple funds for both financial and strategic real estate investors that represent a pilot and test-ready sandbox of 15+ billion square feet across every real estate asset type and global market. The firm’s investment activities are complemented by pioneering community leadership including the PropTech Place innovation hub, MetaProp Accelerator at Columbia University programs, global events NYC Real Estate Tech Week, and MIPIM PropTech NYC, and publications Global PropTech Confidence Index and PropTech 101.