London-based Modulous, a startup that develops technologies that enable developers, architects, and contractors to build net-zero modular homes without a factory, announced that it has raised £10M (approximately €11.5M) in a Series A round of funding.
Investors in the round include Patrizia-backed Sustainable Future Ventures (SFV), Regal London, CEMEX Ventures, Blackhorn Ventures, GroundBreak Ventures, Goldacre, and Leela Capital.
The company says it will use the funds to further the development of its technologies.
Modulous: What you need to know
Founded by Chris Bone, Christopher Mortensen, Markus Cosmann, Reimell Ragnauth, and Romill Bettany in 2018, Modulous aims to eliminate the global housing deficit that could impact 1.6B people by 2025.
In a study of 200 cities globally, 90% were found unaffordable, with the average home costing more than three times the average income, reports WeForum.
“Building energy efficient, affordable housing without the waste and carbon footprint that accompanies traditional construction has never been more critical,” said Modulous CEO Chris Bone. “Modular delivery is the only way the housing crisis can be resolved, but, for many, the upfront capital investment has held back the industry’s ability to scale.”
The UK company plans to solve this problem through its software platform. Modulous says its software platform automates real estate project design, costing, and programming at the concept stage, reshaping landowners’ and developers’ risk/reward equation.
“Architects can avoid spending weeks on speculative work, designing schemes that may turn out not to be economically viable, and instead present clients with a variety of options inside a day, upping their chances of winning work while letting them focus on more productive tasks,” says the company
The company has also developed Kit of Parts, a set of proprietary sub-assemblies that enable developers, contractors, and architects to create modular homes without having to set up a fixed factory, which is the most capital-intensive element.
The Modulous platform produces 3D visualisations and detailed cost plans. In addition, it will provide developers with real-time analysis of return-on-investment calculations, enabling them to quickly option sites and establish land values driven by accurate data.