Last Updated on Thursday 9 November 2023 by Chetansingh Chauhan
LivSYT Raises $4.5 Million for Construction Software, Targets US Expansion
Newzdaddy Tech updates
Hyderabad, November 7, 2023: LivSYT, a company that makes special computer software for builders, has successfully collected $4.5 million in funding, with $2.5 million coming from investors in the USA. This money will help them grow in the United States and make their software even better using artificial intelligence (AI) and machine learning (ML).
The CEO of LivSYT, Mr. Karthik Thumu, said, “This shows that people see the value in our software for construction. We are excited to use this money to make construction management better.”
LivSYT’s software has already helped make $1 million every year, and big projects worth $6 billion use their software.
They plan to use the money to become even bigger in the United States and make their software stronger. They also want to find new ways to use AI and ML in construction management. The Chief Financial Officer, Brajesh Bhanj Deo, said they want to make $5 million every year in the next two years.
Construction is changing quickly, with technology and new ideas making it better. The world spent $13.57 trillion on construction in 2023, and more and more projects use technology to work faster and safer.
LivSYT focuses on the heavy infrastructure sector, which needs more technology solutions. They want to help with project management, data analysis, and new ways of building things off-site.
In India, construction is growing fast, with a 6.3% growth expected from 2024 to 2027. The government is spending a lot on transportation, electricity, and housing.
In the United States, construction is also growing, with a 5.9% increase in 2023. LivSYT has a chance to help with big projects in the US and Canada.
LivSYT works with important companies like Systra, DRA, and Elemental Realty. These companies are experts in transportation and construction. With their move into the US and their work on AI and ML, LivSYT will make construction even better with technology.