Since 2015, Building Radar has been providing information about future or ongoing construction projects through its solution. This helps the startup suppliers and service providers in the construction and real estate industry with lead generation at an early stage. Technologically, the proptech relies on machine learning, data mining, and natural language processing algorithms. The Munich-based AI solution also has targeted engagement measures up its sleeve. According to the company, its customers include over 150 construction companies, including product providers such as Schindler and Holcim as well as general contractors like Eiffage.
The Munich startup has now completed another financing round, raising €6.6 million. The round is led by Socii Capital, an investor from San Francisco. As part of the new partnership with Socii Capital, Building Radar will advance its expansion into the US, United Kingdom, 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 fundamentally changes 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 wants to invest more heavily in AI capabilities
Leopold Neuerburg, also co-founder and CEO of Building Radar, adds:
“We plan to invest heavily in the team’s AI capabilities to accelerate our path to becoming the leading platform for sales teams in the construction industry and help them increase their revenues, profit margins, 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 achieve €100 billion in revenue for our customers by 2030.”
And finally, Yuan Chen, co-founder and partner of Socii Capital, says:
“Our mission at Socii is to support entrepreneurs who are transforming workflows in large industries such as construction through automation. This led us through our thematic research to Building Radar. When we engaged with the Building Radar team and examined the product and workflows more closely, we were increasingly impressed by the improving value proposition, exceptional leadership, and significant growth potential. We are very excited to work with Building Radar and provide our capital and time to support the development of groundbreaking software platform in the age of AI for the construction sector.”
