We first met the Pillar Technologies team when they were in the early stages of conceptualizing their product and long before it was time to build any production-ready software. Having recently graduated from an electrical engineering program, the founders identified an underserved market in construction site risk management. Every year projects fail to finish on-time and on-budget because of preventable occurrences at work sites.
Their solution was a novel one: blanket worksites with a network of environmental sensors connected to a software platform that enables general contractors to take preventive actions against costly threats such as fires, freezes, water leaks, and mold outbreaks. After acting as an advisor during the MVP stages, we earned their trust and were the first people to call upon raising initial capital.
We became the Pillar Technologies’ technology partner and worked with them to plan a platform that would meet a fairly unique set of requirements. They needed a tool that would provide concurrent data processing from thousands of sensors in real time, a high level of redundancy, and fault tolerance that many common technologies simply can’t provide. Together, we tackled the challenge and launched an initial product for some pilot customers.
Later that summer Pillar Technologies was accepted to Techstars’ first IoT program along with a handful of other startups.
General contractors and building insurers now have a tool to gather and analyze environmental data that allows them to predict and prevent major issues which ultimately improves safety and cuts costs. The Pillar Technologies team was able to demonstrate traction and effectiveness to investors and raised $2.75 million in seed funding from XL Innovate, Hyperplane VC, and Techstars Ventures.