LivSYT, a Software-as-a-Service-based construction management software provider, has raised $2.5 million in a seed round, taking the aggregate funds raised to $4.5 million.
This seed round comes from SV Quad and Inventus Capital based in the USA.
“We are planning to expand our services to the US and explore new artificial intelligence and maching learning use cases,” a LivSYT executive said.
“We are making annual recurring revenue of $1 million, with infrastructure projects worth a $6 billion already utilising our software,” he said.
Karthik Thumu, CEO of LivSYT, said that it will primarily be used to support the expansion of the startup’s presence in the US market, where it aims to address the growing demand for technology-driven solutions in construction management.
“We 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,” he said.
Brajesh Bhanj Deo, Chief Financial Officer of LivSYT, said the startup wanted to achieve $5 million in annual recurring revenue within the next 24 months.