Proptech Inspace has raised $6 million in a Series A for its virtual inspection software platform for commercial property promotions.
The round was co-led by Facebook cofounder Eduardo Saverin’s B Capital and local VC Our Innovation Fund (OIF), an existing investor, with Investible also once again chipping in.
Inspace previously raised$ 4 million in a pre-Series A in October 2021 round was led by OIF, with support from Aconex co-founder Leigh Jasper, Investible and Artesian
The fresh funds will be used for R&D, including predictive insights, AI-generated documentation, and new tools for real estate fund managers to retain and raise capital.
Inspace’s 3D platform allows real estate agents to virtually showcase properties to potential tenants, as well as manage property portfolios and engage with investors.
Founder and CEO Justin Liang launched Inspace three years ago and the platform has since been used for real estate pitches in 11 countries, including by leading property groups such as M&G, CBRE, Dexus, Lendlease, JLL and PGIM. More than 90% of Australia’s top commercial property landlords also use it.
The startup initially began life in 2017 with $750,000 as an augmented reality solution to help architects and builders avoid construction mistakes before pivoting to virtual inspections for tenants and buyers.
Liang said Inspace’s subscription revenue has grown nearly 400% in the past 18 months.
“Inspace enhances communication between any group of people discussing commercial real estate – whether it’s in a boardroom, at a Starbucks or across the world,” he said.
“With instant remote access to buildings, we not only reduce costs and promote a greener world – but enable landlords and agents to present at scale, capture insights, and accelerate deal completion.”
OIF’s Geoff Levy, a former Mirvac director and chair of Cromwell Property, said they were pleased to once again back Inspace’s latest raise.
“They are providing property syndicators in a global market with , amongst other things, an excellent re-engagement tool to keep redemptions to a minimum.,” he said.
“This, in addition to their core uses for those customers, at a critical time in the cycle when property investors are seeking to exit their investments.”