Trendspek, an Australian company specializing in real asset modelling, has successfully raised $6.3 million in its Series A funding round. The investment was led by Taronga Ventures, a prominent technology investment firm focused on real assets.
Trendspek’s flagship product, Precision Asset Intelligence (“PAI”), is a software platform designed for asset management in the property, energy, and infrastructure sectors. One of its key features is the creation of 3D digital models of real assets, which helps asset owners better manage their properties and mitigate risks.
According to Derek Feebrey, Trendspek’s CEO, the market for digital twins is expected to reach over $73 billion by 2027. He believes that Trendspek’s platform can help address the challenges posed by deteriorating infrastructure and the increasing costs of managing assets.
Trendspek first launched its PAI software in 2019, which includes interactive 3D models with detailed accuracy up to 1mm. The platform is ISO27001 security certified and offers features such as in-model annotation, markup and measurement, dynamic reporting, and real-time collaboration between stakeholders worldwide. Reports are delivered through global partners from leading brands in facilities management, engineering, and insurance, enabling owners to optimize the way they prioritize and mitigate asset risk.
Trendspek, a company that provides critical risk management tools for real asset owners, has recently received strategic investments from Taronga Ventures and the venture arm of Australia’s largest insurer, IAG. This underscores the growing importance of Trendspek in the industry. According to Feebrey, Trendspek’s spokesperson, both investors share strong alignment with the company. Taronga Ventures prioritizes a robust ESG approach to support its partners across different real asset sectors, which is in line with Trendspek’s values. Through Taronga’s early introductions to their partners, such as PGIM Real Estate and CBRE, Trendspek has been able to successfully deliver projects and build major customer relationships.
The funds raised will be utilized to expand the Trendspek team, hasten product development, increase its global presence, and maintain excellent customer support. The new functionalities will establish Precision Asset Intelligence software as the industry standard for asset management.
Taronga Ventures’ Co-founder and Managing Partner, Jonathan Hannam, expressed his delight in the rapid growth of Trendspek, a participant in their RealTechX innovation program. Hannam noted that many of their institutional partners now use Trendspek’s product for asset management, while groups like PGIM Real Estate employ it as part of their due diligence process. Hannam further commented that Trendspek is changing how asset owners approach risk assessment and management, and Taronga Ventures is glad to support the team in making Precision Asset Intelligence a crucial component for global assets.
Scott Gunther, General Partner at IAG Firemark Ventures, is very excited about the technology and business opportunity offered by Trendspek’s Precision Asset Intelligence software. Gunther mentioned that Trendspek was part of their 2022 Firemark Accelerator Program, which enabled them to identify ways to collaborate and transform the delivery of insurance by providing property infrastructure owners with a deeper understanding of asset risk. Gunther also believes that their investment in Trendspek, coupled with other investments in the computer vision and imagery space, will lead to better risk assessments, targeted maintenance, and improved claims experience for IAG’s commercial customers.