Hazelview places efficiency bet on construction tech
The Toronto-headquartered global property company has made its third tech investment, this time putting pre-seed funding into a software company focused on streamlining engineers’ designs to reduce material waste.
Augmenta has developed an automated design tool for electrical engineers and contractors to create fully constructible, code-compliant designs for electrical raceway routing. Called the Augmenta Construction Platform, it is designed to reduce turnaround times, cost and risk, ensuring materials are not wasted.
Claudia Reich Floyd, managing director and head of Hazelview Investments’ Germany office, said: “Our partnership with Augmenta is another example of Hazelview’s commitment to seeking innovative solutions to improve efficiency and sustainability in the real estate industry.”
The investment in Augmenta is made by Hazelview Ventures, a venture capital business and a subsidiary of Hazelview Investments. This is Hazelview Ventures’ third investment in an innovative early-stage proptech, buildtech and cleantech company.
The Augmenta Construction Platform introduces so-called generative design as a solution to today’s ESG challenges.
Reich Floyd explained: “The industry currently faces many challenges, including manual design, which has a high margin of error, imposes risk as well as costs on contractors, and is incredibly wasteful.”
Francesco Iorio, co-founder and CEO of Augmenta, said: “Hazelview is a progressive company at the forefront of change in the construction industry. They immediately understood both the cost and ESG benefits associated with the Augmenta Construction Platform – not just for their own company, but for developers across the board.”
Hazelview employs a global investment and asset management team of more than 80 people across its offices in Toronto, New York, Hong Kong and Hamburg and manages Can$11.6bn.
The first investment that Hazelview Ventures made was shortly after its start last August: Can$1.5m in the digital platform Rhenti which connects residential renters and landlords. The second investment was in SuiteSpot, cloud software for property operations and software, announced in January. The amounts invested in SuiteSpot and Augmenta were not disclosed.