Terra Venture Partners, Israel’s leading venture capital fund focusing on startups that innovatively impact society and the environment, has invested in INTSITE, developers of the first autonomous crane.
Around 30% of cranes in use globally are considered obsolete, and potentially dangerous to workers on site, passers-by and operators, as operations are often conducted in uncontrollable environments. While necessary to haul 70% of site materials, cranes are currently controlled by two people operating without a support system, and are considered the bottleneck on a construction site.
INTSITE will make cranes more efficient, and the environment in which they operate safer. Founded by brothers Tzach and Mor Ram-On, civil and aerospace engineers, INTSITE’s technology uses image processing and AI to analyze camera data in real-time to track workers and objects in the vicinity. By understanding proximity requirements, INTSITE assists in avoiding collisions and accidents by warning the lever operator accordingly, while the automated control increases the crane’s throughput, driving efficiency and achieving earlier project completion.
Their technology is now being tested on sites owned by Shikun & Binui Solel Boneh, one of Israel’s largest construction companies.
“We believe the construction industry has vast potential for improving productivity and efficiency through digitalization, innovative technologies and new construction techniques,” says Astorre Modena, Managing Partner of Terra Venture Partners. This sector is where Marketing was 16 years ago before the introduction of Salesforce - less than 1% of revenues from construction are spent on software, compared to counterparts spending of 3.5-4.5%. We’re excited for INTSITE to realize its potential.”
The company has raised $1.35 million in seed funding from Terra Venture Partners, the Israel Innovation Authority as well as other partners and is now working out of Terra’s incubator TerraLab.
“We are excited that Terra Venture Partners is supporting us on this journey and I have a great faith in our growing team and solution,” said CEO Tzach Ram-On, “On a personal level, as a civil engineer, I am thrilled the construction sector is starting to reap the benefits of digital transformation. We will begin piloting our system in the UK and France in 2019 and I’m sure we are going to see great success.”