OnsiteIQ Raises $14M to Provide Construction Intelligence
OnsiteIQ, a construction intelligence platform for commercial real estate investors, developers, and owners headquartered in New York City, closed a $14 million Series B funding round.
The funding was led by Vertical Venture Partners, joined by several of its LPs, with additional participation from real estate technology VC RET Ventures as well as Interplay VC.
OnsiteIQ was founded in 2017 by Ardalan Khosrowpour to assist real estate investors enhance job site transparency and manage risk across their portfolio of development projects.
The company provides institutional investors with a centralized platform for documenting projects, monitoring progress, and confirming payments. In a construction landscape where more than 70% of projects are behind schedule, according to the company, the platform is beneficial for developers, equity partners, and financiers with geographically dispersed investments, .
“The typical development loses roughly $2 million per month of delay; for a large fund with numerous parallel projects, construction delays cost tens of millions which has a direct impact on funds’ Internal Rate of Return (IRR),” said Ardalan Khosrowpour, founder and CEO of OnsiteIQ.
To date, the company has captured over three billion square feet of 360-degree project footage, monitoring over 1,600 projects valued at a cumulative $17 billion.