Building Radar, the next-generation software platform that automates construction industry sales workflow, has raised $7.2 million in funding. Socii Capital led the investment alongside continued participation from all major existing backers.
This follows the recent investments in the construction sector, including Trunk Tools and Vizcab.
The funding will allow the company to continue AI-powered product development and expand its market, focusing on the UK, the US, Canada, and additional markets.
Yuan Chen, co-founding Partner at Socii Capital, said: “At Socii, our mission is to back entrepreneurs transforming workflow through automation in large industries like construction. This, via our thematic research, led us to Building Radar. As we engaged with their team and further explored their product and operations, we were increasingly impressed by their ever-enhancing value proposition, exceptional leadership, and significant growth potential. We are thrilled to partner with Building Radar, contributing our capital and time to help build the landmark software platform in the AI era for the construction sector.”
What challenge does it address?
The construction industry is one of the largest in the world but needs dedicated IT infrastructure. It relies almost entirely on traditional reactive sales methods and a person-to-person network. In contrast, Building Radar is tapping into the power of AI to help construction industry sales personnel identify and qualify the most promising leads and provide them with actionable insights and personalised outreach strategies.
AI-powered suite of sales enablement software
Co-founded by Leopold Neuerburg and Paul Indinger in Germany, Building Radar boasts more than 150 companies in the industry as full-paying users, including some of the largest building product manufacturers like Schindler and Holcim and general contractors like Eiffage.
This new partnership will enable Building Radar to double down on AI to automate end-to-end sales workflow within the construction industry and to expand into new markets, including the UK, the US, and Canada
The platform’s revenue engineering capabilities have already helped more than 150 companies across the construction industry, including product manufacturers Schindler and Holcim and general contractors such as Eiffage. This has significantly boosted their sales conversion rates and driven over $2.6 billion in sales pipelines.
As per the company, it has over 5,000 new sales opportunities detected for its clients every single day and almost 700 assessed, customised, and deployed sales processes.
Paul Indinger, co-founder and Managing Director at Building Radar, said, “The construction industry is undergoing a significant change due to megatrends like sustainability requirements, digital planning tools, pre-constructing, and many more. This fundamentally changes the way products and services are allocated to construction projects. Our partnership with Socii brings us closer to realising our vision of matching every construction project globally with the best solutions.”
Leopold Neuerburg, co-founder and Managing Director at Building Radar added, “We plan to highly invest in the team’s AI capabilities to accelerate our journey to becoming the go-to platform for sales teams in the construction industry, helping them grow revenue, win rates, and margins across all of their revenue channels. Our goal is to provide our customers with the tools they need to maximise their sales pipeline visibility and success, ultimately driving €100 billion in revenue for our customers by 2030“.
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