Munich-based PropTech startup Building Radar has raised €5 million in a Series A round, led by PropTech1 Ventures with support from coparion, FO Holding, and SIGNA innovations.
Building Radar uses AI to do exactly what its name suggests: to identify new construction projects worldwide. The company aims to digitise the construction industry, which is growing fast in the founders’ home country of Germany.
The only way for suppliers and service providers to capitalize on the booming construction industry is if they are aware of construction projects early on. Customer acquisition traditionally requires hours of manual research and reliance on word of mouth. Building Radar provides the technology for these companies to easily source new contracts and increase revenue potential.
The software identifies 5,000 new construction projects a day from more than 100,000 different sources, covering more than 5 million construction sites. The user can search by location, construction phase or size, and can receive push notifications about every potential project.
PropTech1 Ventures is Germany’s first VC fund dedicated to the PropTech sector. Commenting on the investment, Managing Partner Anja Rath said, "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.”
Leopold Neuerburg, Paul Indinger, and Raoul Friedrich founded the company in 2015. They will use the funds to expand into new markets, refine the search algorithm, and optimise machine-learning search results.