OnsiteIQ’s 2023 Year in Review

As 2023 comes to a fiscal close, we at OnsiteIQ are thrilled to reflect on a year marked by monumental achievements and significant strides toward realizing our vision of building a premium development intelligence platform for real estate developers. This year is a testament to our customer-centered approach to innovation, underscoring the transformation we are making in the real estate industry.

A Year of Unprecedented Growth

Our journey this year was highlighted by milestones that collectively led us closer to our vision: 

• Transition From Analytics to Insights: We completed the transition from delivering image-capturing to adding project-level insights, shifting our focus from solely documenting progress in the past to offering intelligence across more than 30,000 assets (worth over $18 Billion) across the US and Canada. 

OnsiteIQ objectively tracks and validates construction progress across your entire portfolio with AI.

• Expansion Across North America: We’ve expanded operationally from 50 to 90 markets demonstrating our platform’s scalability and ability to deliver on growing demands.

• Co-pilot Progress Tracking: We know our customers strive for consistent, on-time delivery of construction, which is why we’re committed to partnering with their documentation process to deliver real-time progress tracking. We’ve built a database of over 2.2 billion images and counting–that’s objective, consistent, and comprehensive data captured from the field, ingested by our AI engine to offer an accurate and transparent view of progress. 

• Elevating our Customer Needs: Over the past year, we expanded our customer success operations and built a program designed for institutional developers. This led to an NPS score of 68 and a CSAT score of 9.8 over the past 12 months. This is across 90 customers, spanning single-family, multi-family, retail, hospitality, education, commercial, and many other asset types. This is unprecedented for early-stage startups, especially in an industry that is hesitant to quickly adopt modern technology.

• Investing in a brighter future: Despite the challenging funding environments of 2023, we successfully raised a $14M series B round led by Vertical Ventures and the participation of RET Ventures, Interplay, and many others. This is an incredible milestone and validation from the industry for OnsiteIQ.

Impactful Outcomes

The impact of our platform and services on our customers  has been profound and multifaceted:

Change Order Reduction: By providing unparalleled visibility and insights into projects, we’ve helped our clients dispute on average 12% of change orders.

“This partnership has not only led to significant savings on Change orders and delay claims, but has also allowed us to gain frictionless visibility into construction progress from anywhere in the world–including our lenders and equity partners.”

Harold Reniers
Chief Development Officer
CitizenM

Preventing Delays: Our platform’s powerful insights have been instrumental in avoiding project delays, ensuring timely completions, and maximizing IRR. On average, our customers have been able to increase identifying schedule delays by 3 weeks while also reducing overall project duration by 3 weeks. 

“By proactively catching construction quality issues early on [using OnsiteIQ], we have been able to reduce the average construction life cycle by 10% for a new bild, which equates to anywhere from three to seven weeks, which is monumental ”

Chris Commarota
Vice President of Construction
Kiddie Academy

Dispute Resolution: We’ve aided in defect and delay claims dispute resolutions, providing objective, data-driven evidence that supports fair and swift resolutions for investors. We’ve been able to help a customer save $3 Million in delay claims leveraging historical documentation throughout their entire project lifecycle.

Looking Ahead

As we move into 2024 and beyond, OnsiteIQ is on the brink of unveiling enhanced progress-tracking capabilities that help “co-pilot” the reduction of delays in the field for project management teams. We also will be launching portfolio-level insights to arm General Partners (GPs) and Limited Partners (LPs) with the necessary intelligence to impact their business goals. 

We aim to create asymmetrical leverage that increases Assets Under Management (AUM) while sustaining high returns without the need for linear increases in headcount. We aim to deliver tangible and relevant value to each stakeholder involved in the lifecycle of an asset–from build to operate–to solidify our position in the real estate tech market as the standard for real estate investors and development professionals.

Reflecting on a year of remarkable achievements, we’re grateful for our team’s hard work, our customers’ trust, and the opportunities that lie ahead. Here’s to continuing our journey in 2024, breaking new ground, and reaching new heights together. Thank you for being a part of our story.