DBIC Ventures, the venture arm of Dublin BIC, today announces details of a co-investment in AI-powered construction software company Evercam, representing the first investment by DBIC Ventures’ new seed and early stage fund which is backed by Enterprise Ireland and a number of leading Irish technology entrepreneurs and business leaders.
The investment round totalled €600,000 and will support the creation of 50 new jobs and the company’s continued strong growth in international markets. It is the first investment by DBIC Ventures’ latest fund which plans to back around 30 leading high growth early stage Irish tech companies over the next four years. Elkstone, the Irish multi-family office, is a co-investor in the round.
Evercam enhances construction site productivity by improving project visibility with verifiable intelligence from high-resolution time-lapse cameras located on client sites. Evercam uses machine learning and artificial intelligence to help clients capture information from video time-lapses to ascertain real-time project status and site activity.
The company currently has 50 employees in offices in Ireland, the UK, Australia, the US, Pakistan, Algeria, Poland, and Canada.
The investment will expedite the ongoing roll-out of Evercam’s construction analytics services, including its recently-launched Gate Report analytics service – designed to automatically identify all vehicles that enter and exit a construction site.
Evercam’s Gate Report provides in-app and PDF reporting to enable more efficient construction site project management and support dispute resolution. Evercam helps clients reduce dispute-related costs by delivering a time-stamped log of all vehicles entering and exiting a construction site. Clients can also track the flow of materials to and from a construction site to control project costs and inform cost and budget projections.
Investment is being used to enable the company to expand its range of analytical services, add to its US sales team, establish operations in the Middle East and will result in Evercam doubling its global staff.
Commenting on the investment, CEO of Evercam, Marco Herbst said, "With this funding, we look forward to broadening our AI and ML capabilities, expanding our global team and continuing to help our clients work smarter, save money, and control costs. Construction sites are inherently high-risk areas, so when something goes wrong, the costs incurred can be significant – underlining the pronounced need for verifiable intelligence around construction site activity. With Gate Report, we are providing our growing client base with a much-needed degree of clarity, while helping them improve project efficiencies across the board."