LivSYT, a SaaS Startup, Secures $2.5 Million for On-Site Construction Digitization
- ByStartupStory | November 8, 2023
LivSYT, a prominent SaaS-based construction management software provider, has secured $2.5 million in its seed funding round, bringing the total raised funds to $4.5 million. This seed round investment comes from SV Quad and Inventus Capital, both based in the USA. It sets the stage for LivSYT’s expansion into the US market and the exploration of new AI/ML applications in the field of construction management.
With this capital infusion, LivSYT is well-positioned to tap into the substantial growth potential in the global construction industry. LivSYT’s robust software solutions have already contributed to an impressive annual recurring revenue of $1 million, and their software is being utilized by infrastructure projects valued at an impressive $6 billion.
Karthik Thumu, CEO of LivSYT, expressed his enthusiasm about this successful funding, stating that “This investment is a testament to the value our software brings to the construction industry. We are excited to embark on this new journey, leveraging the expertise and support of our investors to further our mission of transforming construction management.”
The funds will primarily support LivSYT’s expansion in the US market, where there is a growing demand for technology-driven solutions in construction management. Additionally, LivSYT will invest in enhancing its current product infrastructure to make it even more robust and explore new use-cases within the construction management domain. The company aims to achieve $5 million in annual recurring revenue within the next 24 months.
The construction industry is undergoing rapid transformation, embracing technology and innovation to enhance performance. The global construction market’s value reached $13.57 trillion in 2023, driven by increased investments in infrastructure projects worldwide. Technology, including mobile platforms and AI, is increasingly relied upon to improve project efficiency and safety.
LivSYT has identified a unique opportunity in the heavy infrastructure sector, where technology solutions have been limited. As the construction industry places a growing emphasis on integrated Project Management Information Systems (PMIS), advanced data analytics, and modular/off-site manufacturing, LivSYT is well-prepared to meet the evolving needs of the sector.
The construction industry in India is experiencing remarkable growth, with a projected annual growth rate of 6.3% between 2024 and 2027. The Indian government’s ambitious Pradhan Mantri Gati Shakti Master Plan is expected to drive significant investment in transportation, electricity, and housing projects.
In the United States, the construction industry is set to witness a 5.9% increase in construction deliveries in 2023, as per JLL. Non-residential construction inputs in the US and Canada have exceeded historical rates, offering significant opportunities for LivSYT’s services.
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LivSYT boasts an impressive client portfolio, including leading consulting and engineering firms like Systra, DRA, and Elemental Realty. With its expansion into the US market and its focus on AI/ML advancements, LivSYT is poised to make substantial contributions to the digital transformation of the construction industry.
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