Pillar gets US $2.75 million in seed funding for construction risk mitigation platform

Technology is designed help to reduce claims on property damage in construction sites

 

construction
Pillar Technologies, a developer of sensors designed to mitigate risks on construction sites, has received US $2.75 million in seed funding from XL Innovate, Hyperplane VC and Techstars Ventures.

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Pillar’s sensors are engineered to detect temperature, pressure, humidity, smoke and dust on jobsites. Insurers can use the data gathered to forecast failures and be alerted to hazards such as leaks, freezes and fire, thereby reducing claims on property damage.

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Martha Notaras, a partner at XL Innovate, will join the Pillar board of directors as part of the agreement.

“By bringing industrial-grade sensors to construction sites, Pillar can offer more accurate risk management to general contractors and potential policy optimization to insurance providers to better protect sites from damage,” Notaras said in a statement. “Gathering and analyzing key environmental data can help predict and prevent major issues while allowing insurers and their clients to reduce losses over the long run.”

“Construction sites continue to be a dangerous place,” said Alex Schwarzkopf, co-founder and CEO of Pillar Technologies. “From fires to fumes, the ability to predict occurrences that may harm workers, or the site itself, can serve as a powerful tool to save both lives and livelihoods.”

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Transcontinental Media G.P.