The Munich-based proptech startup Building Radar provides information on future or ongoing construction projects. Thanks to the use of artificial intelligence (AI), the startup identifies relevant construction projects in real time and as early as possible. This gives the proptech company's clients a competitive advantage. Building Radar recently raised millions in financing. Things are going well otherwise, say the three founders.
The management team of Building Radar consists of the three founders Leopold Neuerburg, Paul Indinger, and Raoul Friedrich. Leopold and Paul both knew each other through their studies at LMU and founded the startup together in 2015. CDTMGraduate Leopold brought with him entrepreneurial experience, having already founded a non-profit organization, 'Digital Helpers.' Paul, in turn, was a construction sales consultant in China and the USA before joining Building Radar. Raoul—also a CDTM graduate—joined the existing founding team in the same year. A computer science graduate, he had also already founded a company (namely, a software company that developed apps, among other things).
Digital sales assistant for the construction industry
These experiences were incorporated into Building Radar. The three founders developed a platform that provides information about future or already ongoing construction projects And all in real time. The startup achieves this by using AI technology to identify and verify construction projects. Leopold Neuerburg, Managing Director, explains:
"With the help of Building Radar, our clients have the advantage of being informed about activities in the construction industry as early as possible. This allows them to pitch before their competitors do. And this significantly increases their chances of winning a potential construction project."
The founders explain that the young company's competitors are still stuck in the analog era and conduct research manually. The largest German competitor, for example, has a research team of 145 people. However, thanks to its technology, the Munich-based startup can offer more up-to-date and comprehensive data with more efficient cost structures.
For the founders, the company's unique selling point is its Building Radar technology: A search algorithm scours the internet in real time for information on new construction projects. Hundreds of thousands of websites (e.g., those of companies involved in construction, such as architects or engineering firms, public tender platforms, local news sites, architecture blogs, etc.) are searched daily for new construction projects. Combined with machine learning, data mining, and natural language processing algorithms, the information is extracted and made available to customers.
“We learn from our customers every day”
Its customers are diverse, ranging from medium-sized businesses to large corporations. In addition to DAX-listed companies like Linde, the Munich-based startup has also won over furniture manufacturer Vitra, facade manufacturer Schüco, and heating technology manufacturer Viessmann. Raoul Friedrich, Chief Product Officer, says:
"We learn from our customers every day what motivates them and how we can further develop our product. Our vision is to enable every company to fully exploit its market potential in the construction and real estate sector."
With the recently completed financing round of 5 million euros The startup will optimize its product. For example, additional features are planned that will take over additional tasks from the sales process, so that digital tools will gradually replace manual tasks and create new revenue opportunities for customers.
Expansion into new markets
The proptech startup also plans to use the capital injection to expand its market share in the DACH region and expand into new markets. Since mid-year, the team has been in talks with its first customers in North America. The founders are also proud to have been working with the German Accelerator program to work on their expansion in the USA for three months. They plan to make further contacts from New York. Raoul explains:
"In addition, we've had our first UK colleagues on the team for three months now. North America and the UK are particularly exciting, as our solution delivers excellent results for the English-speaking region."
The startup already finds 5,000 new construction projects every day from 100,000 sources.
Despite all their expansion plans, the founders remain very satisfied with their location in Munich. Their large network in the startup scene, especially through the CDTM — and exchange with other successful founders and companies such as Capmo, Personio or Plantura Building Radar helps with current problems and issues. The Munich team is currently located near the Donnersberger Bridge. Will this stay that way for much longer? Raoul explains:
“We plan to double our 45-person team by the end of next year.”
Building Radar dreams unicorn dreams
Munich, with its large talent pool and broad university landscape, is ideal for finding new talent for the existing international team. The startup spirit is also alive at Building Radar in its fourth year of existence, says Raoul:
"Everyone is welcome to contribute their ideas and is heard; we experience defeats and celebrate successes together. Our strong sense of solidarity helps us to productively implement growth in the current phase."
With its product, plans for future product development and expansion, and currently 120 customers, the young company has already built a solid foundation and is very satisfied with what it has achieved so far. But: In addition to vision, a startup should also have big dreams. And what does Building Radar's dream look like? Paul Indinger says:
“Of course, we also dream of becoming a unicorn and are striving to achieve this with our sales targets.”
