Inspace, a real estate technology startup, has successfully raised a new round of funding to support its research and development efforts. The funding round, co-led by B Capital and Our Innovation Fund (OIF), with participation from Investible, has provided a significant boost to the company’s capital. Inspace had previously secured $4 million in a pre-Series A funding round in October 2021, led by OIF and supported by prominent investors such as Leigh Jasper, co-founder of Aconex, Investible, and Artesian.
The fresh injection of funds will be primarily utilized for advancing the company’s research and development initiatives. Inspace aims to focus on the development of predictive insights, AI-generated documentation, and new tools specifically designed for real estate fund managers to effectively raise and retain capital. With these enhancements, the platform aims to augment its existing capabilities, which include virtual property showcasing, property portfolio management, and investor engagement, all within its immersive 3D platform.
Founded by Justin Liang three years ago, Inspace has experienced significant growth and widespread adoption within the real estate industry. The platform has been utilized for real estate pitches in 11 countries, serving prominent property groups like M&G, CBRE, Dexus, Lendlease, JLL, and PGIM. Moreover, over 90% of Australia’s top commercial property landlords actively use Inspace. The startup initially started as an augmented reality solution in 2017, catering to architects and builders to prevent construction errors. However, it later shifted its focus to virtual inspections for tenants and buyers.
Inspace’s subscription revenue has witnessed remarkable growth, increasing by nearly 400% over the past 18 months. CEO Justin Liang emphasized that Inspace improves communication among stakeholders involved in commercial real estate discussions, irrespective of their physical locations. By providing instant remote access to buildings, the platform not only reduces costs and promotes environmental sustainability but also empowers landlords and agents to present their properties at scale, capture valuable insights, and accelerate deal completion.
Geoff Levy, a former Mirvac director and chair of Cromwell Property at OIF, expressed his satisfaction in once again supporting Inspace’s latest funding round. He acknowledged the value that Inspace brings to property syndicators in a global market, particularly as an exceptional re-engagement tool to minimize redemptions. Levy further emphasized the critical timing of Inspace’s offerings, as property investors are actively seeking opportunities to exit their investments.