Sydney-based digital twin tech startup Willow has raised US$43 million (A$58 million) in a pre-Series B.
Existing shareholders, including Willow Chairman Nicholas Moore, the former Macquarie Group CEO, and Willow director Jim Cooney, doubled down on their investment along with institutional investor Perennial Value Management.
The four-year-old software venture also took on WatermanCLARK co-founder Ric Clark, the former CEO and Chairman of Brookfield Property Partners and global equity manager VGI Partners as new strategic investors.
Willow’s software creates a digital replica of a built asset, then collects and aggregates data into a “twin” to help infrastructure owners and operators make smarter data-led decisions. Its global customer base includes leading real estate and critical infrastructure firms such as Brookfield Properties, as well as several Fortune 500 companies including Microsoft.
Willow, the leading provider of digital twin solutions for smart infrastructure and real estate has been engaged as part of
Multiplex has tasked by business with building a digital twin for the Western Sydney International (Nancy-Bird Walton) Airport, which is due to open in 2026.Other projects include the newly completed SoFi Stadium and Hollywood Park in Los Angeles.
As well as its Sydney HQ, Willow has offices in Melbourne, Toronto, Seattle, New York, London, Amersfoort and Manila.
The latest funding round is earmarked for the scaled deployment of Willow’s software to a global customer base.
Willow previously raised A$54 million in a series A in late 2019, and last month announced that In-Q-Tel, the not-for-profit VC backed by the CIA, had taken a strategic stake in the business.
Global CEO and co-founder Joshua Ridley said Willow was at the forefront of a once in 100-year opportunity.
“A century ago, the built world was illuminated by electricity. Today, the built world is being illuminated by data and a new technology called digital twins, and in the decade ahead we will see this accelerate,” he said.
Ric Clark said: “At WatermanCLARK and while I was at Brookfield, I was an advocate of the deployment of Willow’s technology on our landmark assets. I’ve been impressed by the platform’s ability to aggregate data from both new construction and existing assets.”
VGI Partners managing partner Robert Luciano, digital twins have been proven across a number of industries.
“This is a secular growth market for the built world in which we believe Willow is a clear leader,” he said.