The Norway-based AI startup, used by developers and architects to generate and analyse designs, will use the $25m to accelerate the company’s roll out and grow product, engineering and commercial teams.
The round was jointly led by tech investment firm Atomico and VC Northzone, with participation from Nordic property developers Nordic Real Estate Partners, or NREP, and Oslo Bolig Og Sparelag, or OBOS, and UK real estate technology fund Round Hill Ventures.
Håvard Haukeland, co-founder and CEO of Spacemaker said developers, architects and urban planners today “only have the tools to explore a few options for building design” as they try to optimise for everything from environmental factors to regulations.
Spacemaker claims that by using its software, property professionals will be able to generate and assess billions of possible solutions to multi-building developments in only hours. Users can analyse their designs for a range of different parameters, from sun exposure to noise, wind and apartment size.
Ben Blume, principal at Atomico said the global construction industry has a “significant productivity problem”, “underperforming” the overall economy and costing it over “$1tn value each year.”
He added: “With 2.5bn more people set to live in cities by 2050, we must find ways to provide sufficient housing for these growing urban populations. Spacemaker’s platform uses machine learning, advanced analysis and massive scale computing to empower developers and architects to create more efficient and liveable residences, paving the way for better construction productivity and a more sustainable future for all cities.”
Michiel Kotting, partner at Northzone said: “Spacemaker’s platform is a powerful tool in an under-digitised industry, creating value across the entire pre-build process, for developers, architects, planning departments, and ultimately, inhabitants. It is a perfect example of AI augmenting human expertise, creating efficiencies and improving sustainability.”
Since launching in late 2018, Spacemaker has attracted large names in property development in the Nordics, and globally, including Skanska, and AF Gruppen as clients. The firm has also hired a team of nearly 100 data scientists, mathematicians, software developers, architects and urban planners.