Building Radar secures $7.2 million investment to transform construction sales workflows

Building Radar, a pioneering software platform focused on transforming sales workflows in the construction industry, has successfully secured a $7.2 million investment. This significant funding round, led by Socii Capital, marks a substantial boost to the company’s ambitions to enhance its AI-powered product development and broaden its market outreach.

The construction industry, recognised as one of the world’s largest sectors, traditionally relies on reactive sales approaches and extensive person-to-person networks. Building Radar, however, aims to revolutionise these practices by harnessing the capabilities of artificial intelligence to assist sales personnel in identifying and qualifying promising leads. The platform offers actionable insights and personalised outreach strategies, streamlining operations and boosting effectiveness in a traditionally conservative industry.

The UK is currently witnessing potential shifts in its construction landscape, driven by policy suggestions from the recently established Labour government. The government has proposed the possibility of reclassifying sections of the protected ‘green belt’ into a ‘grey belt.’ This reclassification is intended to facilitate the development of new housing on these lands, supporting the government’s objective of constructing 1.5 million new homes within the next five years.

Paul Indinger, Building Radar’s co-founder and Managing Director, commented on the transformation within the industry: “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.”

To date, Building Radar’s revenue engineering capabilities have been instrumental to over 150 companies, aiding notable industry players such as Schindler, a lift and escalator manufacturer, and Holcim, a building materials giant, as well as general contractors like Eiffage. These enterprises have experienced significant increases in their sales conversion rates, collectively driving over $2.6 billion in sales pipelines.

Highlighting the company’s future plans, co-founder and Managing Director Leopold Neuerburg stated, “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.”

Building Radar’s platform has garnered traction not just in its home European markets but also in new territories, thanks largely to recommendations from existing satisfied clients. In conjunction with Socii Capital, Building Radar is poised to explore further expansions into markets such as the UK, the US, Canada, and more.

Yuan Chen, co-founding Partner at Socii Capital, expressed enthusiasm for the partnership: “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.”

The collaboration between Building Radar and Socii Capital represents a strategic alignment aimed at fostering innovation and efficiency within the construction industry through advanced technological integration and AI solutions.

Source: Noah Wire Services