Eyrus, the leading jobsite intelligence platform for the construction and oil and gas industries, today announced that it has closed $12 million in Series A funding. The round was led by Spring Mountain Capital. Autodesk also joined as a strategic investor, extending the strong partnership between the two companies and opening the door for more opportunities in the future. Existing investors from Eyrus’ seed round, Motley Fool Ventures and Fuel Venture Capital, participated in the round as well.
"Companies in the construction and energy industries need to be able to navigate the current labor shortage by equipping their teams with the right level of insights on their workforce to increase efficiency,” said Kenneth Soll, Vice President, Spring Mountain Capital. “Eyrus has developed the most comprehensive workforce visibility platform on the market, delivering solutions that save teams time, money and tremendous hassle by providing necessary visibility into projects and the people who make buildings and infrastructure come to life.”
Series A funds will be used to accelerate Eyrus’ growth, particularly as the company enters new market segments and geographies. Eyrus will introduce its platform and strengthen existing partnerships in the Asia-Pacific region, as well as in the European Union, the UK and the Middle East. The company will also dedicate resources to advancing customer-focused product development and enhancing its user experience. Additionally, Eyrus will continue its hiring blitz, securing even more top talent for key positions.
Eyrus provides organizations with an easy-to-use platform that delivers vital jobsite intelligence and daily reporting for all stakeholders. The platform automates the collection of a wide variety of workforce data points and allows project teams to accurately enhance attendance, timekeeping, safety and security data in real time. Founded in 2015, Eyrus has since provided value to over $220 billion worth of construction projects globally, saving them more than 510,000 of management hours with automated data collection and more than $180M in project dollars.
“The construction industry is in the midst of rapid transformation, using technology in unprecedented ways to connect people, projects and data,” said Sid Haksar, senior director, head of strategy, Autodesk Construction Solutions. “At a time when organizations need to better manage their onsite labor for a competitive advantage, Eyrus helps increase worker efficiency, jobsite productivity, access control and site safety. Eyrus’ jobsite intelligence platform provides contractors with advanced worker analytics based on real-time data, giving project teams the visibility they need to reduce risk, maximize labor efficiency and adeptly accomplish project goals. With our investment, Autodesk looks forward to building a strategic partnership with Eyrus that will benefit Autodesk Construction Cloud customers with increased visibility of their valuable project resources along with actionable insights.”
“This will be a very big year for Eyrus, and we’re already executing on a number of bold new initiatives,” said Alexandra McManus, CEO and co-founder of Eyrus. “As such, this was the right time to raise capital to drive these initiatives forward with the speed and scale we envision. But finding the right investment partners was far more important to us than just accepting any check. We selected investors who understand, believe in and are excited by our vision. We are thrilled to work with Spring Mountain and deepen our partnership with Autodesk, as well as to build on the foundation of trust and execution we’ve established with Fuel and Motley Fool Ventures.”
The Eyrus Platform: Empowering Teams Through Next-Level Job Site Intelligence
The cloud-based Eyrus Platform delivers seamless, complete workforce visibility, site management and daily reporting with 360-degree data validation. Using Eyrus, organizations can easily manage access, forecast their workforce and get ahead of any unexpected challenges. The platform combines automated data collection and real-time reporting for safety, productivity, security and progress tracking to create the most accurate information flow between stakeholders.
“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, Whiting-Turner.
Simply implement Eyrus at the time of workforce registration, capturing OSHA, health and safety and equipment training information through an easy to set-up worker profile. Then, through the use of IoT and mobile devices, understand the interaction of the workforce throughout the worksite during the course of construction or jobsite management, with access control, real-time alert systems for evacuation and metrics for compliance reporting. Data collected can help with schedule forecast analytics, understanding delays before they occur.
The Eyrus Platform allows teams to make better, data-driven decisions, particularly in relation to staffing – which is vitally important amid the current labor shortage. With offerings like the new Strategic Safety Platform and tools including SafeProx, an IoT beacon and physical and virtual access control, Eyrus continues to demonstrate its commitment to worker safety and maintaining jobsite integrity.
The Eyrus Platform is the most robust and comprehensive workforce intelligence solution on the market today, and it will be enhanced even further through integrations with partners like Autodesk to allow for full utilization of IT investments.
Eyrus is a leading jobsite intelligence platform working to define the future of work. With best-in-class technology tailored to deliver actionable insights in real time, Eyrus ensures workers are deployed where needed at the right time, tracks progress across key areas of infrastructure projects, forecasts schedule deviations, and enables seamless communications among stakeholders and the fast and secure transfer of assets. Since launching in 2015, Eyrus has developed solutions that are single-mindedly focused on cost, accuracy and operational efficiency. We look forward to working with your team through the transformation of work. To learn more about Eyrus, visit our site: https://www.eyrus.com.
Spring Mountain Capital is a New York-based private investment management firm that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.
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