Building Radar, a next-generation software platform that automates workflow in construction industry sales, announced a €6.5 million investment led by Socii Capital. The funding will allow the company to continue AI-powered product development and expand its market.
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 stark 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 personalized outreach strategies.
The UK, in particular, could be set for a boom in construction activity in the coming years amid suggestions by the newly empowered Labour government that parts of the protected ‘green belt’ may be reclassified as a ‘grey belt.’ Land in the changed areas will be made available to develop new housing to aid the Labour government’s goal of 1.5 million new homes in the next five years.
Paul Indinger, co-founder and Managing Director at Building Radar, commented: “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 realizing our vision of matching every construction project globally with the best solutions.”
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.
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 maximize their sales pipeline visibility and success, ultimately driving €100 billion in revenue for our customers by 2030.“
Thanks to its high visibility across the entire sales workflow and ease of implementation, Building Radar has grown organically beyond its core European markets—in most cases, championed by its existing customers. As part of the newly established partnership, Building Radar and Socii Capital will collaborate to explore further expansion opportunities in 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.”
With over 5,000 new sales opportunities detected for its clients every single day and almost 700 assessed, customized, and deployed sales processes, the company’s impact on the construction industry is deeply significant.
Read the orginal article: https://www.eu-startups.com/2024/10/munich-based-building-radar-nabs-e6-5-million-to-expand-suite-of-sales-enablement-software-for-the-construction-industry/
