Spotr.ai raises € 2.5 million to deliver building inspection automation internationally
Spotr.ai, the European market leader in automated building inspection, is expanding internationally. The company raised a € 2.5 million seed round from international investors Volta Ventures, InnovationQuarter, and Concrete Ventures to accelerate the growth to the UK market. With this new investment, Spotr.ai is taking a big leap forward in determining the quality and maintenance status of residential and commercial real estate with AI-powered image recognition.
With an ever-growing population, climate change, and growing compliance obligations globally, real estate is eager for better solutions. Spotr.ai monitors and inspects over 250.000 buildings in the Netherlands and recently launched in the UK with 10 prominent UK housing corporations that will start inspecting their real estate portfolios with Spotr’s software solution. Spotr.ai offers a platform for banks, insurance companies, large real-estate owners, and the government to monitor building characteristics in a fast, precise, and easily accessible platform. This contributes to optimizing their client’s portfolios and activities.
“It’s about knowing and understanding your portfolio,” says Dirk Huibers, CEO at Spotr.ai. “Think of the dimensions, quantities, and conditions of buildings and their specific components. This information is crucial to make smart decisions when achieving sustainability goals. But it’s also about asking yourself the basic questions. On which buildings can you place external wall insulation? How many floors does a building have? Can you still reach that high floor with a fire truck? Are there trees close to the gutters that could cause water damage? You need accurate data to make the right decisions for your portfolio and wallet. And that data simply doesn’t exist today.”
With only 8% of buildings currently being inspected every year due to budget and time constraints of building owners and facility managers, there’s much to gain. “It’s our ambition to inspect every building in the world every year,” says Huibers. “In the largest global sector in the world, a small deviation can have a major impact on maintenance costs and valuations.”
“Our smart software can make better, faster, and cheaper budget estimations than humans alone, which makes us a reliable and trustworthy partner.” – Dirk Huibers, CEO Spotr.ai
Concrete Ventures General Partner Arnaud van der Wyck quotes, ‘We are very excited about our investment in Spotr.ai, which falls firmly within our sweet spot of investing in technology software companies that make the built environment more efficient contributing to a more sustainable future. We expect this will deliver meaningful value to our partners Starwood, JLL, Nuveen, VINCI, Lockton, and Hammerson and we look forward to actively supporting the very talented team at Spotr.ai in bringing value to real estate partners.”
Spotr.ai utilizes image recognition and artificial intelligence to gather and maintain asset management data. The result is a digital inspection product that aims to make building inspection and maintenance more efficient. The company uses image recognition on satellites, airplanes, drones, cars, and images made by inspectors and tenants to take measurements, perform condition surveys and find upgrade potential in real estate.
About Volta Ventures
Volta Ventures provides (pre)seed and early-stage financing for software & internet companies that originate in the Benelux. Sander Vonk is investing from its second fund and has € 100M under management. Next to capital, the fund’s team assists companies in growing from a startup to scale up. The Volta team aims to make a substantial contribution to the portfolio companies. They achieve this by working with founders and management to identify new markets and clients, attract talent, provide advice and support, and help raise follow-on financing.
About Concrete Ventures
Concrete Ventures is a leading European Proptech venture capital fund investing in Seed and Series A software companies. By working closely with world-class global real estate partners, they identify the key problems the sector is facing and find talented founders creating real solutions. Concrete Ventures is a hands-on value-added investor leveraging its global real estate and venture capital ecosystem. By doing so, they support the portfolio of companies to drive strategic revenue, support talent acquisition, assist with capital syndication and provide strategic product development support.
InnovationQuarter is the regional development agency for the greater Rotterdam – The Hague area. It invests in innovative, fast-growing local enterprises and helps transnational companies become established in this unique delta region. As a lifecycle financier, InnovationQuarter finances companies in different cycles of their business growth and draws its investments from four funds: IQCapital, UNIIQ, ENERGIIQ, and the Energy Transition Fund.
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