Terra Venture Partners has invested US$1.35m in Intsite, which is intended to make cranes more efficient, and the environment in which they operate far safer.
Intsite was founded by brothers Tzach and Mor Ram-On, who are civil and aerospace engineers. Their technology uses image processing and camera data in real-time to track workers and objects in the vicinity. The idea is that it helps avoid collisions and accidents by warning the operator accordingly, while the automated control increases the crane’s throughput, driving efficiency.
Their technology is being tested on sites owned by Shikun & Binui Solel Boneh, one of Israel’s largest construction companies.
“We believe the construction industry has vast potential for improving productivity and efficiency through digitalization, innovative technologies and new construction techniques,” said Astorre Modena, managing partner of Terra Venture Partners. The sector is where marketing was 16 years ago before the introduction of technology, he said - less than 1% of revenues from construction are spent on software, compared to counterparts spending of 3.5-4.5%.
Intsite has raised US$1.35m in seed funding from Terra Venture Partners, the Israel Innovation Authority as well as other partners and is now working out of Terra’s incubator TerraLab.
“We are excited that Terra Venture Partnersis supporting us on this journey and I have a great faith in our growing team and solution,” said CEO Tzach Ram-On, “On a personal level, as a civil engineer, I am thrilled the construction sector is starting to reap the benefits of digital transformation. We will begin piloting our system in the UK and France in 2019 and I’m sure we are going to see great success.”