LivSYT, a leading provider of SaaS-based construction management software, announces successfully raising $2.5 million in its seed round of funding, making a total fund rise of $4.5 Mil till date. This seed round of investment ($ 2.5 million) comes from SV Quad and Inventus Capital based out of USA, setting the stage for LivSYT's expansion into the US market and its exploration of new AI/ML use-cases.
With this infusion of capital, LivSYT is well-positioned to capitalize on the tremendous growth potential in the global construction industry. LivSYT's robust software solutions have already contributed to an impressive annual recurring revenue of $1 million, with infrastructure projects worth a remarkable $6 billion already utilizing their software.
Commenting on the successful fundraise, CEO, Karthik Thumu of LivSYT, stated, "This investment is a testament to the value our software brings to the construction industry. We are excited to embark on this new journey, leveraging the expertise and support of our investors to further our mission of transforming construction management."
The funds will primarily be used to support the expansion of LivSYT's presence in the US market, where it aims to address the growing demand for technology-driven solutions in construction management. Additionally, LivSYT will invest in the development of its current product infrastructure, making it even more resilient and exploring new use-cases within the construction management domain. Brajesh Bhanj Deo, CFO, further said, LivSYT want to achieve $5 million in annual recurring revenue within the next 24 months
The construction industry is evolving rapidly, embracing technology and innovation as key drivers of performance enhancement. The global construction market reached a value of $13.57 trillion in 2023, driven by increasing investments in infrastructure projects worldwide. This trend is accompanied by a growing reliance on technology, including mobile platforms and AI, to improve project efficiency and safety.
LivSYT has identified a unique opportunity in the heavy infrastructure sector, where technology solutions have been limited. As the construction industry increasingly values integrated Project Management Information Systems (PMIS), advanced data analytics, and modular/off-site manufacturing, LivSYT is well-positioned to cater to the sector's evolving needs.
India's construction industry is experiencing remarkable growth, with a 6.3% annual growth projection between 2024 and 2027. The Indian government's ambitious Pradhan Mantri Gati Shakti Master Plan is expected to drive significant investment in transportation, electricity, and housing projects.
In the United States, the construction industry is set to witness a 5.9% increase in construction deliveries in 2023, according to JLL. Non-residential construction inputs in the US and Canada have exceeded historical rates, presenting a substantial opportunity for LivSYT's services.
LivSYT boasts an impressive portfolio of clients, including Systra, DRA and Elemental Realty, some of the largest consulting and engineering firms, world leaders in public transport infrastructure engineering, and India's fastest-growing large construction companies. With its expansion into the US market and focus on AI/ML advancements, LivSYT is poised to make significant contributions to the construction industry's digital transformation.
