SOURCE: Pillar Technologies

July 19, 2016 10:31 ET

Pillar Technologies Secures $425,000 Seed Funding to Fuel Product Development and Growth

Team Cites Wentworth Institute of Technology's Accelerate as Key Success Factor

BOSTON, MA--(Marketwired - Jul 19, 2016) -  Pillar Technologies, innovators in sensor-based construction site risk management, today announced it has secured $425,000 in seed funding from organizations including the 1517 Fund, Insure.VC, and angel investors Anil Jha and Sam Altschuler, both of which are Wentworth alums. The company has also been invited to participate in Autodesk's BUILD Space Startup Incubator in Boston, which provides space for early stage companies in the architecture, engineering, and construction industry.

"Construction sites are dangerous places and accidents are costly," said Alex Schwarzkopf, one of the founders of Pillar Technologies. "Our advanced sensor-based technology benefits general contractors, insurance companies and building owners alike by significantly reducing risk and more accurately predicting damage from destructive environmental conditions."

Pillar Technologies deploys on-site sensors to monitor for dangerous environmental conditions such as fire outbreaks, high humidity exposure, and mold growth which are some of the leading causes of revenue loss while building. With Pillar's sensor-based technology, general contractors have access to real-time information and receive alerts notifying them of destructive conditions before damage occurs. Pillar's predictive analytics helps drive process changes which allow for jobs to be completed on time and under budget, with fewer accidents and reduced insurance claims.

Pillar is expanding its testing program and will be seeking additional contractors starting in November. Interested parties can contact the company through its website.

Pillar Technologies was originally conceptualized and founded by Schwarzkopf, Sean Iacobone and Matt Joyal, a team of students participating in the Startup Challenge within Accelerate, Wentworth Institute of Technology's Innovation + Entrepreneurship Center. The center promotes interdisciplinary collaboration among students, alumni, industry, and the Boston community while building innovative thinking and entrepreneurial confidence.

"Even though we are now Wentworth alumni, Accelerate continues to play an important role in our success," said Schwarzkopf. "For example, the Wentworth community and key mentors connected us with early customers, partners and investors."

"The success of Pillar Technologies clearly demonstrates that Accelerate's 'learning-by-doing' approach is working," said Monique Fuchs, co-founder of Accelerate and Wentworth's associate vice president, innovation and entrepreneurship. "Teaching students how to solve real-world problems and add value through innovation and the spirit of entrepreneurship is our mission."

About Pillar Technologies
Pillar Technologies, based in Boston's Seaport District, is innovating construction site risk management with advanced sensor-based technology and predictive analytics. The company is focused on making construction safer and more efficient by reducing risk, forecasting failures and preventing damage. Learn more online.

About Wentworth Institute of Technology's Accelerate
Accelerate, Wentworth Innovation + Entrepreneurship Center, was formed in May 2012 to build innovative thinking and entrepreneurship confidence among students impacting their career choices and success. The mission of the center is to prepare students with critical competencies for today's competitive work environment. The center's focus on experiential learning allows students to gain experience in idea iteration, prototyping, building confidence by taking risks with small projects and big ideas, see the bigger picture and solve real-world problems. The center promotes interdisciplinary collaboration and intentional networking among students, alumni, industry, and the Boston community. To learn more, visit http://www.wit.edu/accelerate/

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