The Real Deal New York

OnSiteIQ, with big NYC developer clients, raises $2M in seed funding round

Anthemis Group, MetaProp provided the financing
By Kathryn Brenzel | November 15, 2018 04:00PM

Ardalan Khosrowpour and OnSiteIQ’s construction monitoring service (Credit: OnSiteIQ)

OnSiteIQ, a startup that monitors construction sites to assess risk, just raised $2 million in its latest seed funding round.

Fintech investor Anthemis Group and real estate technology venture capital firm MetaProp provided the financing, company representatives announced on Thursday. The company, which counts the Moinian Group, Rockefeller Group and Avalon Bay among its major clients, takes 360-degree images of construction sites and then produces monthly reports detailing project progress and risk factors.

The latest financing will help the company grow its operations in the U.S. and improve its software that analyzes construction images for developers. The company, which already has clients in New York City, Boston and Miami, plans to expand to 20 other cities in the next 18 months, CEO Ardalan Khosrowpour told The Real Deal.

OnSiteIQ got its start in Cornell Tech, where Khosrowpour was a fellow the school’s Runway Startup Postdoc Program. The program, a start-up incubator, was effectively OnSiteIQ’s first investor. After spending a few years on Cornell Tech’s campus, the company now is based at 335 Madison Avenue.

Khosrowpour said that outside his company, most construction monitoring is done through freelancers. Other companies in the proptech sector, like Multivista, provide similar photo and video documentation services. Khosrowpour said his company will eventually work with insurance companies to help developers secure rates that reflect the actual risk on their construction sites.