The Australian real estate virtual reality startup, Inspace, has received fresh funding of $4 million to invest towards international expansion. Based at the ACS’ Harbour City Labs, the company works with architects, civil engineers, and property owners to help them create infinite VR experiences on an annual subscription model.
The company’s subscriber base grew by 1300% due to the increase in demand for virtual services in the domain because of the coronavirus lockdowns.
Inspace Founder and CEO Justin Liang said, “From Day One, we had the vision to host the digital replica of every commercial building in the world, and Covid has materially accelerated the adoption of our thesis in the industry. We’re focused on helping our real estate customers navigate the Covid-enforced shift from physical inspections to digital walkthroughs.”
Our Innovation Fund (OIF) led the funding round that saw participation from Aconex’s Leigh Jasper, Investible, and Artesian. OIF Partner Geoff Levy AO, previously the Chairman of Cromwell Property Group and a Director of Mirvac, will join the company’s board.
The company’s customers include the likes of Dexus, Mirvac, JLL, CBRE, Blackstone, Brookfield, ESR, and Lendlease. As per the company, its Stack platform has facilitated over $1 billion in real estate deals just over the past month. The fresh funds would help promote its ‘Stack’ virtual property visualization platform in Asia-Pacific markets, including Australia, Singapore, and Japan.
Laurence Schwartz, Partner at OIF, said, “Justin is an exceptional founder building a world-class team, product, and company in an industry that is going through massive digitization.”
“Inspace is being used by leading real estate companies – Dexus, Mirvac, JLL, CBRE, among many others – and we believe our deep software background and experience in PropTech, as well as scaling businesses from Australia to the US, will be very value-adding on Inspace’s journey ahead. As engagement with physical real estate becomes more digital, Inspace will be leading the way, and we’re very proud to be partnering with Justin and the team to achieve this globally,” he added.
Follow us on LinkedIn
Read other Articles
