5 Million Euros for PropTech Startup Building Radar
Building Radar uses artificial intelligence to identify new construction projects worldwide. The Munich-based founders have now successfully completed the Series-A financing round of 5 million euros. New investors on board include coparion, FO Holding, PropTech1 Ventures and SIGNA Innovations.
The construction industry is booming: In the first half of 2019, 36 percent more digital tenders and publications for construction projects were filed in Germany in comparison to last year. When it comes to project acquisition, learning about their existence early on is a crucial factor for success for suppliers and service providers in the construction industry. Until now, that was a very time-consuming process. Founders of the AI startup Building Radar, Leopold Neuerburg, Paul Indinger and Raoul Friedrich, want to change this and help companies increase their revenue potential. The construction industry is one of the least digitized industries in Germany. Using artificial intelligence and machine learning, Building Radar identifies new construction projects around the world and much earlier than would be possible through manual research.