Press Release: GAMMA Technologies raises €1 Million in Seed Round from Husqvarna Group
[Luxembourg City, Luxembourg, 6 September 2021] GAMMA Technologies today announced a new round of Seed funding of €1 Million. This round of funding was led by the internationally successful company, Husqvarna Group.
“The investment from Husqvarna Group will accelerate the revolution of the construction industry and spread awareness about the benefits of using AR technologies on the jobsite. Husqvarna Group, with our current shareholders Formitas, are strategic investors and partners which will help us define the future of construction. We are excited to start working with Husqvarna Group on the implementation of innovative technology in the construction industry.”, says Caner Dolas, CEO & Co-founder, GAMMA Technologies.
“GAMMA is innovating in an area of high interest to us as we believe Augmented Reality is an important technology when delivering new technology-based services to our customers going forward. We look forward to a close collaboration with the GAMMA team and to capture learnings to accelerate the evolvement of our (construction) business”, says Mark Johnson, Vice President Corporate Venture Capital, Husqvarna Group.
The funding follows additional support already received from various other organizations. Husqvarna Group follows current shareholders Formitas, a leading professional services company for the digitalization of the construction industry.
Innovative construction app: GAMMA AR
GAMMA AR was founded in 2019 by Architect, Caner Dolas and Computer Scientist, Jayan Jevanesan after winning the prestigious start-up competition Fit4Start. The founders are integrated in the Luxembourg City Incubator at the House of Startups and subsequently joined the EYnnovation Program. Since 2020, GAMMA AR is also a member of the Autodesk Construction Cloud, which is the connecting platform for workflows and teams from BIM Software leader Autodesk. With these partners and their support, GAMMA AR has established itself as a viable product in the market. GAMMA AR has over 2,400 construction projects and the BIM-AR solution has been tested and adopted in more than 150 countries. More information is available at the GAMMA AR website.
About GAMMA Technologies
GAMMA Technologies is a Luxembourg-based start-up with a multinational team seeking to promote paperless construction sites with an agile Augmented Reality solution. The product GAMMA AR overlays 3D Building Information Models (BIM) on the jobsite to prevent errors, increase efficiency and reduce time spent on documentation and follow up – adding up to potential savings of up to 10% of total construction costs.
About Husqvarna Group
Husqvarna Group is a global leading producer of outdoor power products and innovative solutions for forest, park and garden care. Products include chainsaws, trimmers, robotic lawn mowers and ride-on lawn mowers. The Group is also the European leader in garden watering products and a global leader in cutting equipment and diamond tools for the construction and stone industries. The Group’s products and solutions are sold under brands including Husqvarna, Gardena, McCulloch, Poulan Pro, Weed Eater, Flymo, Zenoah and Diamant Boart via dealers and retailers to consumers and professionals in more than 100 countries. Net sales in 2020 amounted to SEK 42bn and the Group has around 12,400 employees in 40 countries