Since 2015, Building Radar has been providing information on future or ongoing construction projects with its solution. the startup Suppliers and service providers in the construction and real estate industries are supported early in lead generation. The proptech company relies on machine learning, data mining, and natural language processing algorithms for this. The Munich-based company's AI solution also offers targeted marketing strategies. According to the company, its customers include over 150 companies in the construction industry, including product suppliers such as Schindler and Holcim and general contractors such as Eiffage.
The Munich-based startup has now completed another round of financing, raising €6.6 million. The round is led by Socii Capital, a San Francisco-based investor. The new partnership with Socii Capital will enable Building Radar to accelerate its expansion into the US, UK, Canada, and other markets.
Paul Indinger, co-founder and CEO of Building Radar, explains:
"The construction industry is undergoing profound changes, driven by megatrends such as sustainability requirements, digital planning tools, and prefabricated construction techniques. This is fundamentally changing how products and services are integrated into construction projects. Our partnership with Socii brings us closer to our vision of connecting every construction project worldwide with the best solutions."
Building Radar plans to invest more in AI capabilities
Leopold Neuerburg, also co-founder and managing director of Building Radar, adds:
"We plan to invest heavily in the team's AI capabilities to accelerate our journey to becoming the leading platform for sales teams in the construction industry, helping them increase their revenue, win rates, and margins across all their revenue channels. Our goal is to provide our customers with the tools they need to maximize the visibility and success of their sales pipeline and ultimately drive €100 billion in revenue for our customers by 2030."
And Yuan Chen finally, co-founder and partner of Socii Capital, says:
"Our mission at Socii is to support entrepreneurs transforming workflows in large industries like construction through automation. This led us to Building Radar through our thematic research. As we engaged with the Building Radar team and explored the product and workflows in more detail, we became increasingly impressed by their ever-improving value proposition, exceptional leadership, and significant growth potential. We are delighted to partner with Building Radar and contribute our capital and time to help build their groundbreaking software platform for the construction sector in the age of AI."
