The construction industry across Germany is booming. In the first half of this year alone, 36% more digital tenders and publications related to construction projects were filed in the country as compared to the same period last year. Talking about project acquisition, learning about the existence of the same early is crucial for the success of service providers and suppliers in the industry.
So long, it was a time-consuming process, but the founders of Building Radar, a proptech startup using AI has made it simple. Founded by Leopold Neuerburg, Paul Indinger and Raoul Friedrich in 2015, Building Radar aims to change this and help companies grow their revenue.
Secures €5M Series-A funding
As the idea of Building Radar to digitise the construction industry started gaining traction, the company has raised €5 million series A funding. The funding round was led by PropTech1 Ventures and coparion along with new investors – SIGNA Innovations, an Austrian SIGNA Group subsidiary and Ferdinand Oetkar via FO Holding. Both the existing and new investors have pumped in funds for the startup’s growth. Internet pioneer Alexander Samwer has also invested in the Munich-based startup along with ASTUTIA Ventures, Vito ONE, and Picus Capital.
The investment will be used by Building Radar to tap into new markets and refine its search algorithm and optimise results via machine learning.
Digitises the construction industry
Even in the digitally advanced era, the construction industry is said to be one of the least digitised industries in Germany. Building Radar changes it by identifying new construction projects across the world much earlier than manual research. For this, the German startup uses Artificial Intelligence and machine learning.
Building Radar provides them with early information about construction projects so that they can increase their overall project conversion rates.
5,000 new construction projects!
The software used by Building Radar identifies some 5,000 new construction projects a day from at least 100,000 various sources. It covers over five million construction sites as well. It lets users search by location, size, phase and more. On saving the search settings, they will get push notifications to make sure they do not miss on a single project that is good.
Main image picture credits: Building Radar
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