The Munich-based proptech startup Building Radar has raised 5 million euros in its Series A financing round. In addition to existing investors such as Alexander Samwer, PropTech1 Ventures and Coparion are new on board.
Building Radar convinces with its idea: With the help of artificial intelligence and machine learning, the startup finds new construction projects worldwide much earlier than is possible with manual research. This allows suppliers and service providers in the construction industry to increase their sales potential, as identifying new projects early on is a crucial success factor in project acquisition.
More than 120 customers — including major companies such as Linde, Schüco and Viessmann — already rely on the solution developed by Building Radar founders Leopold Neuerburg, Paul Indinger and Raoul Friedrich. The existing investors such as Alexander Samwer with Picus Capital and the venture capitalists Astutia Ventures and Vito One are once again supporting the Munich startup. Lead investors in the current financing round are Proptech1 Ventures and CoparionBuilding Radar has also attracted new investors such as Ferdinand Oetker and Signa Innovations. The startup will use the capital injection to expand into new markets, refine its search algorithm, and further optimize search results.
"The construction industry has enormous growth potential when it comes to digital innovations. Accordingly, we are delighted to invest in Building Radar, a proptech that, with the help of artificial intelligence, frees construction industry suppliers from extremely tedious manual processes at the sales level,"
explained Anja Rath, Managing Partner at PropTech1 Ventures.
