Construction is one of the world’s most complex industries to manage. Projects run late, costs spiral, and labor is increasingly hard to find.
Between 2000 and 2022, global construction productivity improved just 10%, one-fifth the rate of the overall economy. Meanwhile, contractors say shortages of workers continue to cause delays and overruns.
On top of these challenges, job sites now generate mountains of data from drones, cameras, and scanners, most of which goes unused because traditional monitoring systems can’t process it fast enough.
That’s the gap San Francisco-based Track3D is aiming to fill. The startup announced that it raised $10 million in Series A funding to expand its so-called “Reality Intelligence” platform, which uses AI to deliver real-time, verifiable insights into construction progress.
According to a press release, the round was led by Ironspring Ventures with co-lead Zacua Ventures and participation from existing investors, bringing Track3D’s total funding to $14.3 million since 2022.
Ironspring, based in Austin, Texas, invests in early-stage digital industrial innovation projects across multiple sectors including transportation, energy, supply chain, and construction.
From paper reports to real-time insights
According to the management consulting firm FMI, despite some of the largest construction projects generating ver 130 million emails, 55 million documents and 12 million workflows, about 95.5% of that data goes unused. And that’s not even taking into account data generated from IoT and other sensors on construction project grounds.
Track3D integrates data from 360-degree cameras, drones, laser scanners, and LiDAR-enabled smartphones into a single cloud platform.
Its AI engine then converts raw site data captures into practical insights—progress tracking, validation of work completed, and analytics tied directly to project drawings.
The system is fast to deploy. With only the project drawings and an initial site scan, Track3D can be up and running in a single day.
That immediacy allows project managers to catch issues early rather than wait for periodic reports.
Adoption among major contractors
So far, Track3D has been used on more than 400 projects, including by ENR Top Contractors such as Hensel Phelps and PCI, both of which have signed multi-year enterprise agreements.
According to investors, Track3D’s 10x year-over-year growth shows that AI-first monitoring isn’t a niche product, it’s becoming central to how projects are managed.
The company was founded in 2022 by co-founders N K Chaitanya, Vineeth Kumar and Kiran Gutta.
“Track3D’s rapid adoption signals that construction teams are ready for a smarter, AI-driven approach to monitoring,” said Ty Findley, co-founder and general partner at Ironspring Ventures.
Looking Ahead
With the new funding, Track3D says it will add features like deviation detection, early warnings when projects slip behind schedule, and intelligent agents that can support project teams.
The idea is to move beyond filing reports after the fact and instead provide predictive, data-driven decision-making.
Construction has relied for decades on paper logs and manual inspections. Reality Intelligence offers a different approach: using real-time site data to show a clear picture of work progress, reduce disputes, and keep complex jobs moving.
As construction costs climb and deadlines keep tightening, tools like Track3D offer a future of fewer surprises and more certainty may finally be within reach.
Disclosure: This article mentions a client of an Espacio portfolio company.
