Inspace raises $6 million to expand AI technologies in commercial real estate
Virtual inspection company Inspace has received $6 million in fresh capital after pivoting its product offering during COVID.
Proptech startup Inspace has secured $6 million in an oversubscribed funding round co-led by OIF Ventures and B Capital — Facebook co-founder Eduardo Saverin’s VC firm. The round was also joined by InSpace’s long-term investor Investible.
Formerly known as Inspace XR, the company was founded in 2017 after co-founder Justin Liang left AMP Ventures. Its debut product allowed architects to instantly convert design plans into virtual reality experiences.
In 2019 it received $750,000 in a round led by Investible, with participation from Artesian, Taronga Group, and angel investment group Sydney Angels.
Later that year founder Justin Liang witnessed the real estate industry slow down due to COVID-19, which led the business to pivot. As Inspace, it launched a new platform enabling virtual inspections for property sales and leasing.
Within 12 months, Inspace was used by over 90% of Australia’s tier-one commercial landlords.
According to the company, its platform is being used across $130 billion in real estate across multiple countries. It also said that its subscription model has jumped 398% in the past eighteen months.
Inspace says that the fresh cash injection will help boost its research and development, including a push into AI and predictive insights.
“Inspace enhances communication between any group of people discussing commercial real estate — whether it’s in a boardroom, at a Starbucks or across the world,” Liang said in an email to SmartCompany.
“With instant remote access to buildings, we not only reduce costs and promote a greener world — but enable landlords and agents to present at scale, capture insights, and accelerate deal completion.”
According to B Capital, investing in Inspace matched its global strategy to invest in technology that breathes new life into existing industries.
The proptech industry has been having a bit of a mixed moment of late. Last week we broke the news of :Different going into voluntary administration.
On a more positive note, AI mortgage refinancing platform, Sherlok, saw $3.4 million in new funding.
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