Locusview Israeli Digital Construction Management Startup Raises $64 Million
Locusview is a technology company with a client base composed of the leading and largest gas and electric utility companies worldwide.
Israeli digital construction management startup Locusview has developed a platform for energy, telecom, and water industries. The company just completed a $64 million Series A financing round led by Israel Growth Partners (IGP) in participation with existing investors. This brings to $80 million, the amount raised by Locusview to date.
Founded in 2014 by CEO Shahar Levi and Alicia Farag, Locusview is a technology company with a client base composed of the leading and largest gas and electric utility companies worldwide. It provides a digital infrastructure construction platform from planning to revenue, including digital as-builting, material traceability and reconciliation, and project close-out. The company boasts that in less than five years its technology has become a proven category leader in the energy market with a global reach.
Imagine that you are responsible for construction of a major project, or the maintaining of a large infrastructure and/or system. There are so many things to stay on top of, so much to observe at all times. So what you really need is a system which can oversee these things for you and alert you to any problems should they arise.
Join @LocusView VP of Business Development @DPetrecca at the Canadian Underground Forum on Friday, April 30th for an exciting session, “Digitalizing Utility Construction Crews – The Last Gap in the Design>Construction>GIS Workflow”. Register here:https://t.co/fxUQ0WV4DS pic.twitter.com/jIqi4I6irx
— Locusview (@LocusView) April 22, 2021
Locusview’s Digital Construction Management Platform (DCM) manages new construction projects for energy, telco, and water utilities, from Planning to Revenue. It includes a user-friendly mobile application developed for field crews, and a state-of-the-art web application for back-office management.
Its sensor-based data collection (such as fusion machines, pressure sensors, high accuracy GPS receivers and barcode scanners) allow data to be automatically captured for efficiency and data integrity. Validations can be configured to ensure that the correct materials were installed by qualified people using the correct tools in accordance with project design parameters. Validations allow errors to be identified and corrected in real-time before the project is submitted to the office for review. And another advantage is that this system is completely paperless. So it’s good for the environment too.
The company has operations in the United States, Israel, India, Australia, and Mexico, with plans to open an office in the United Kingdom this year.
“Locusview is experiencing rapid growth with revenue in the tens of millions of dollars,” said Shahar Levi. “With large deployments of our technology already being offered in the US, we are expanding our offering to additional utility companies in Europe, Australia, India, and Latin America. With the Series A round, our intention is to further expand our platform capabilities as well as our team to support the growing demand from existing and new customers parallel with an aggressive acquisition strategy of complementary companies.”
“Nearly $500 billion is invested annually into energy and telecom infrastructures, spotlighting the massive market potential for Locusview. In less than three years, Locusview has been able to become a trusted partner for +20 of the largest utility companies in the US and to support them with the digitization of the most critical aspects of their business,” said Assaf Harel, General Partner at IGP. “We believe that the company is at the right position and time to lead the digital revolution of critical infrastructure construction, globally, using a powerful cloud-based SaaS platform to manage this massive opportunity.”