Evercam enhances construction site productivity by improving project visibility with verifiable intelligence from high-resolution time-lapse cameras.
Dublin construction tech firm Evercam has raised €600,000 and will create 50 new jobs as it grows and expands into international markets.
The Evercam investment marks first investment by DBIC Ventures’ fund for early stage Irish tech companies backed by Enterprise Ireland. Multi-family office Elkstone is a co-investor in the round along with a number of Irish tech entrepreneurs and business leaders.
“Having doubled revenue year-on-year, and coming off our strongest quarter to date, Evercam is enjoying strong growth that is set to continue”
Founded by 15-year business partners Marco Herbst and Vinnie Quinn, 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 (ML) and artificial intelligence (AI) 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.
“Having doubled revenue year-on-year, and coming off our strongest quarter to date, Evercam is enjoying strong growth that is set to continue. 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,” said Herbst.
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.
Early stage tech investments
DBIC Ventures, as part of the Dublin BIC group, has access to a rich pipeline of high potential early phase businesses across Ireland and its latest fund aims to deliver strong financial returns for its investors, while also enabling increased economic output and skilled employment opportunities in the companies that it backs. The DBIC Ventures team have extensive experience investing in early stage companies in Ireland and the UK, and have backgrounds working in tech start-ups and multinationals internationally across many of the Fund’s target sectors.
“Evercam has a very deep understanding of the intricate challenges and needs of large-scale construction projects,” explained Richard Watson, managing partner at DBIC Ventures.
“They have developed a highly evolved software platform employing advanced data analytics, which deliver significant cost and time savings, as well as a range of other benefits to their construction clients. Construction has lagged many industries in terms of the adoption of digital technologies and Evercam is well positioned to become a leading tech solution provider in this space.
“We are delighted to have Evercam as the first company to showcase our new fund and look forward to working closely with the team to support their continued growth,” said Watson.
Main image at top: Richard Watson, Managing Partner DBIC Ventures and Marco Herbst, CEO of Evercam
By John Kennedy (email@example.com)
Published: 14 December 2020