Software Startup Pillar Technologies Secures $2.8 Million

Pillar Technologies announced the completion of $2.8 million in seed financing. Three investors participated in the round: XL Innovate, Techstars Ventures, and Hyperplane Venture Capital.

Pillar Technologies is a real-time risk management platform for general contractors that helps users predict and prevent damages. Through the use of on-site sensors, the company monitors construction sites for destructive environmental conditions such as fire outbreaks, high humidity exposure, and mold growth, all of which represent major sources of revenue loss for general contractors and insurance companies. The platform also provides risk education, failure forecasting, and insurance optimization.

According to the company, the funding will enable Pillar to scale the manufacturing of its sensors and expand its team. As part of the financing round, Martha Notaras, a partner at XL Innovate, will join the Pillar board of directors.