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Integrated Projects Raises $3 Million in Seed Funding to Digitize Buildings in 3D With Unprecedented Accuracy
Seed Round was Led by 186 Ventures with Participation From Founder Collective, Connexa Capital, Four Acres Ventures, and Commercial Real Estate Leaders from JLL, Newmark, Atlantic Management, and The Fallon Company
NEW YORK, May 11, 2023-- Integrated Projects, the world's leading provider of digitization services for building owners and design professionals, announced today it has closed $3 million in seed funding. The funds will be used to expand the current digitization capacity of its Integrated Projects Exchange (IPX) platform from six to 60 buildings a day. Integrated Projects' seed round is led by 186 Ventures with participation from Founder Collective, Connexa Capital, and Four Acres Capital, along with investments from leading real estate executives and institutional landlords including The Fallon Company, Atlantic Management, JLL, and Newmark.
Global adoption of IPX comes amidst increasing macro economic hardship and new climate-focused regulations throughout the commercial real estate industry requiring owners to accurately report building footprints and spatial characteristics.
"Before building owners can proactively design and renovate what should be, we need to first understand what is," says Jose Cruz Jr, Founder and CEO, Integrated Projects. "By combining 3D scanning and 3D modeling technology, IPX helps owners bring their buildings online with unprecedented accuracy—down to the inch. This makes it possible for owners to take control of their real estate assets by profoundly improving how they view, verify, quantify, and share building characteristics—such as architectural, mechanical, and furniture information."
In 2022, the IPX platform digitized more than 1,700 buildings for individual landlords, architects, and Fortune 500 companies with multi-location real estate portfolios—from homes, skyscrapers, schools, hospitals, industrial warehouses, and retail centers—a staggering 725 percent year-over-year building volume increase. Channel partnerships with leading 3D scanning companies like Matterport and Sitescape FARO have expanded IPX's reach across North America, Europe, and Australia.
"Digitization of real estate, the largest asset class in the world, needs to happen at lightning speed. The technology and tools required to help all real estate stakeholders quickly and cost-effectively identify any data point related to their entire portfolio is finally here," said Giuseppe Stuto, Co-founder and Managing Partner, 186 Ventures, who will be joining the Integrated Projects board of directors with this financing. "Jose and the rest of the IPX team are undoubtedly the best equipped to help the real estate industry automate key parts of existing, slow moving, costly workflows in a way that helps everyone win."
IPX is a digitization platform that helps owners bring their buildings online. With just a few clicks, owners can onboard their buildings via IPX's two digitization services: SCANIT and BIMIT. IPX's SCANIT service mobilizes a LiDAR scan technician to any property across North America to create a construction-grade 3D scan. IPX's BIMIT service processes any 3D scan into an IPX-verified model. Once an IPX-verified model of their property is uploaded, real estate owners can use it to quickly create 2D and 3D plans of their space, view virtual tours and photos, and quantify any onsite material or equipment.
"IPX's platform is a game changer for real estate asset management," said investor Michael Fallon, CEO of The Fallon Company. "Its proprietary 3D technology addresses an acute industry need by providing all key stakeholders with real-time access to critical information."
ABOUT INTEGRATED PROJECTS
Integrated Projects is a worldwide leader in digitization services for owner-operators and design professionals. The Integrated Projects Exchange (IPX) platform helps customers scan, verify, view, and quantify building materials and equipment, enabling building owners to make building and equipment upgrades cost-effectively and meet regulatory demands efficiently. Integrated Projects is a minority-owned business, headquartered in New York. For more details visit www.integrated-projects.com.