LivSYT, a provider of construction management software, has announced a $2.5 million seed funding round led by Silicon Valley Quad and Inventus Capital, bringing their total funding to $4.5 million. This new funding will support LivSYT's expansion into the U.S. market and the exploration of new applications for artificial intelligence and machine learning. Founded by Karthik Thumu in 2021, the company, currently achieving an annual recurring revenue (ARR) of $1 million, has set a goal to reach $5 million in ARR by November 2025, as stated by CFO Brajesh Bhanj Deo.

"We're thrilled to begin this new venture, utilizing the knowledge and backing of our investors to advance our mission of revolutionizing construction management", stated Thumu. The global construction market, as per the company, achieved a total worth of $13.57 trillion in 2023, fueled by escalating investments in infrastructure projects on a global scale. This pattern is accompanied by an increasing dependence on technology, such as mobile platforms and AI, to enhance project efficiency and safety.

JLL, a real estate services company, predicts a 5.9% growth in construction projects in the United States for 2023. The statement highlights that non-residential construction activities in both the US and Canada are surpassing historical averages, presenting a significant opportunity for LivSYT's offerings. LivSYT serves consulting and engineering firms, including Systra, DRA, and Elemental Realty, with its on-site construction management software aimed at enhancing project productivity and profitability.

In recent years, the on-site construction management software sector in India has witnessed a limited number of funding deals, primarily involving companies in the early stages of development. For instance, in 2022, Onsite, a mobile-based application designed for construction projects, secured $1.5 million in a seed funding round. The funding was provided by investors such as Artha Venture Fund, Fundamental, and Madhumala Ventures. Additionally, in the same year, Powerplay raised $7.14 million in a Series A funding round, with Accel leading the investment and participation from Surge, India Quotient, and others.