5 Million Euros for PropTech Startup Building Radar
Building Radar uses artificial intelligence to identify new construction projects worldwide. The Munich-based founders have now successfully completed the Series-A financing round of 5 million euros. New investors on board include coparion, FO Holding, PropTech1 Ventures and SIGNA Innovations.
Munich, 26 September 2019 - The construction industry is booming: In the first half of 2019, 36 percent more digital tenders and publications for construction projects were filed in Germany in comparison to last year. When it comes to project acquisition, learning about their existence early on is a crucial factor for success for suppliers and service providers in the construction industry. Until now, that was a very time-consuming process. Founders of the AI startup Building Radar, Leopold Neuerburg, Paul Indinger and Raoul Friedrich, want to change this and help companies increase their revenue potential. The construction industry is one of the least digitized industries in Germany. Using artificial intelligence and machine learning, Building Radar identifies new construction projects around the world and much earlier than would be possible through manual research.
Their idea has taken root: In September 2019, the founders from Munich succeeded in closing the Series-A financing round of five million euros. Both existing and new investors have invested at this stage. Internet pioneer Alexander Samwer has invested once again, along with Picus Capital as well as the well-known venture capital firms ASTUTIA Ventures and Vito ONE. The lead investors in the new round are PropTech1 Ventures and coparion. Additional new investors are Ferdinand Oetker through FO Holding as well as SIGNA Innovations, a subsidiary of the Austrian SIGNA Group. The five million euros will be used by the PropTech startup to expand into new markets, further refine the search algorithm and optimize search results using machine learning.
Keeping a close eye on the latest construction projects through artificial intelligence
Building Radar not only helps service providers and suppliers save time when generating leads, it also provides them with information about construction projects early on so that they can increase their project conversion rates. Jürgen Fenk, CEO of SIGNA Innovations and member of the Executive Board at the SIGNA Group, sees this in the same way: "Building Radar offers a decisive advantage to its customers because recognizing potential projects at an early stage is immensely important for achieving sales success. We fully support Building Radar’s vision, which is why we are bringing in our expertise to help the trio of founders grow."
5,000 new construction projects from 100,000 sources every day
Building Radar’s software identifies some 5,000 new construction projects a day from more than 100,000 different sources and covers more than five million construction sites. The user can search by location, construction phase or size. If the user saves their search settings, they can receive push notifications to ensure they do not miss out on a single potential project. "When it comes to digital innovations, the construction industry has enormous growth potential. Accordingly, we are pleased to invest in Building Radar, a PropTech that, with the help of artificial intelligence, frees suppliers in the construction industry from extremely idle manual processes at the sales level", states Anja Rath, Managing Partner of PropTech1 Ventures, the first German venture capital fund focusing on PropTech startups.
Well-known companies successfully rely on Building Radar
120 construction companies are already using the Building Radar technology to optimize their customer acquisition activities through the digital solution. Existing customers include DAX-listed companies such as Linde, home and office furniture manufacturer Vitra, facade manufacturer Schüco and heating technology manufacturer Viessmann. All in all, the Munich-based AI startup has initiated 100 million euros of sales for its customers.
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