Sydney-based Inspace, formerly Inspace XR, has raised $6M led by OIF Ventures. The oversubscribed round also included B Capital, the VC fund of Facebook co-founder Eduardo Saverin. Inspace was founded to help convert architectural designs into VR experiences. During the COVID-19 pandemic, the company pivoted to offer virtual inspection capabilities for property sales and leasing teams, leading to extreme success with 90% market saturation. The platform has been utilised in over $130B in real estate transactions in several countries. In the past 18 months, the platform has seen an impressive 396% increase in its SaaS revenue.
This latest funding round will enable R&D efforts with an emphasis on AI. The AI will be utilised to create marketing and sales materials for landlords and agents. For agents in particular, the tool will accelerate communications with clients, increasing the potential surface area for deal closure.
This funding follows on from a round in 2021 also led by OIF, which included Investible and Artesian. The 3D software is quite impressive; an example 3D model of 88 Walker St, North Sydney, can be accessed here.
Due Diligence: AFR, SmartCompany
