Eyrus, a cloud-based worksite intelligence platform used primarily by those supporting energy sector construction, recently closed a $12-million Series A investment funding round.
The Washington, D.C.-based startup's funding was led by Spring Mountain Capital, with design software giant Autodesk joining as a strategic investor. This move extends a partnership between the two companies that dates to Eyrus' founding in 2015. Existing investors from the startup's seed round, Motley Fool Ventures and Fuel Venture Capital, also participated.
"We are focused on gathering information in real time and providing it in a platform that enables real-world workflow and risk mitigation, all focused around a central workforce database," said Alexandra McManus, Eyrus CEO and co-founder.
The Eyrus platform automates collection of workforce data points—allowing project teams to improve attendance, timekeeping, safety and security data in real time. Since its founding Eyrus has been used on more thanr $220 billion worth of construction projects, it says. The platform allows general contractors to organize access control by trade or by certification.
McManus said that the company will use the new funding to grow its presence in Europe, the Middle East and Asia-Pacific regions.
"Eyrus allows our team to capture reliable and accurate labor and workforce data to validate on-site workforce in real-time. These meaningful metrics help us track labor, establish and analyze trends and enhance our teams' efficiency,” said Lou Aquilina, project controls manager at contractor Whiting-Turner.
For Autodesk, the investment is part of its strategy to further connect data across construction.
"We've used this term—connected construction—to refer to connecting people, projects and data," said Sid Haksar, senior director and head of strategy for Autodesk Construction Solutions. "But, if you think about the essence of construction, it's the people that actually build this stuff. A couple of years ago we made an investment in a company called Bridgit, which was really at the front end, around resource planning, and this is the [jobsite] end of it."
