With industrial robotics forecast to be worth $71.72 billion by 2023, it’s no wonder entrepreneurs are turning their attention to increasingly lucrative sectors, like warehouse automation, order fulfillment, and manufacturing.
Tel Aviv-based Intsite is one of the latest examples. The startup today announced a $1.35 million pre-seed round led by Terra Venture Partners and the Israel Innovation Authority to fund what it claims is the world’s first autonomous crane technology.
Intsite, which was founded in 2017 by brothers Tzach and Mor Ram-On — both engineering graduates from the Technion Israel Institute of Technology — developed a platform that taps computer vision to analyze camera feeds in real time, ensuring tower crane operators are made aware of workers and obstacles within range. Its automated controls, meanwhile, improve the cranes’ precision by as much as 30 percent.
That’s sure to be attractive to firms employing tower cranes, CEO Tzach Ram-On contends, of which about 100,000 are in active use. According to McKinsey, about 98 percent of construction mega-projects go significantly over budget, in part as a result of heavy equipment inefficiencies.
“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,” Tzach Ram-On said. “On a personal level, as a civil engineer, I am thrilled the construction sector is starting to reap the benefits of digital transformation.”
Intsite said its platform’s been tested on sites owned…