The Munich proptech startup Building Radar provides information about future or current construction projects. With help from artificial intelligence (AI), the startup identifies relevant building projects in real time and as early on as possible. That gives the proptech company’s customers a significant competitive edge. Building Radar just recently brought in a multi-million round of financing. And everything else is going exceptionally well too, said the founders.
The Building Radar management team includes its three founders Leopold Neuerburg, Paul Indinger and Raoul Friedrich. Leopold and Paul met while studying at LMU and founded the startup together in 2015. CDTM graduate Leopold already had startup experience under his belt after developing the non-profit organization ‘Digital Helpers.’ Before Paul joined Building Radar, he had worked as a consultant in construction sales in China and the US. In the same year of its founding, Raoul — also from CDTM — became part of the founding team. The graduate computer scientist had also already started his own company (a software development firm that created products such as apps).
Digital sales assistance for the construction industry
All of their experience was incorporated into Building Radar. The three founders developed a platform that provides information about future or current construction projects, and it does so in real time. The startup does this by using AI technology to identify and verify construction projects. Leopold Neuerburg, Managing Director, explained:
“With Building Radar, our customers have the advantage of learning about activities in the construction industry as early on as possible. That means they can pitch before their competitors. And that significantly increases their chances of landing a potential building project.”
The young company explained that its competition is still stuck in the analog era and conducts research manually. Their biggest German competitors, for example, have a research team comprising 145 individuals. With Building Radar’s technology, the Munich startup can offer more current and comprehensive data with more efficient cost structures.
For the founders, that is the most significant unique selling proposition of their technology: A search algorithm scans the internet in real time for information about new construction projects. Every day, hundreds of thousands of websites are scanned (for example from companies involved in construction such as architects or engineering firms, public bidding platforms, local news sites, architecture blogs, etc.) to find new construction projects. Combined with machine learning, data mining and natural language processing algorithms, information is extracted and made available to customers.
“We learn from our customers every day”
They have a mixed group of customers — from SMEs to major corporations. In addition to DAX companies like Linde, the Munich startup has also signed customers such as furniture manufacturer Vitra, façade manufacturer Schüco and heating technology manufacturer Viessmann. Raoul Friedrich, Chief Product Officer, said:
“We learn from our customers every day about what matters in their daily work and how we can continue to develop our product. Our vision is to make it possible for every company to make full use of their market potential in the construction and real estate industries.”
With their recently concluded round of financing amounting to 5 million euros, the startup plans to optimize its product. Additional functions are planned that will take care of further tasks in the sales process. Step by step, digital tools will replace manual tasks to open up new sales opportunities for customers as a result.
Expansion into new markets
The proptech startup also plans to use the injection of capital to increase its market share in Germany, Austria and Switzerland and expand into new markets as well. Since the middle of the year, the team has been in discussions with their first customers in North America. The founders are also proud to have started working with the German Accelerator Program on their expansion in the US in a three-month program that started in October. They want to establish additional contacts working from their base in New York. Raoul commented:
“Our first colleagues for the UK have also been in the team for three months now. North America and the UK are really exciting since our solution provides excellent results for English-speaking regions.”
The startup already finds 5.000 new construction projects daily from 100.000 sources daily.
Despite all their expansion plans, the founders are still very happy about being located in Munich. After all, their big network in the startup scene — particularly through CDTM — and talking with other successful founders and companies such as Capmo, Personio and Plantura helps Building Radar with current problems and questions. The Munich team has its current office near the Donnersberger Bridge. And do they plan to stay there? Raoul explained:
“We’re planning to double our team of 45 by the end of next year.”
Building Radar dreams unicorn dreams
To find new talent for their current international team, Munich offers a large talent pool thanks to its broad range of institutions of higher education. The startup spirit is also still alive in the fourth year of Building Radar’s existence, said Raoul:
“Everyone is welcome to share their ideas and is listened to, we experience failure and celebrate success together. Our strong sense of community helps us productively implement growth in our current phase.”
With their product, plans for future product development and expansion as well as 120 current customers, the young company has already established a sound basis and is very happy with what they’ve achieved so far. But: In addition to visions, a startup should also have big dreams. And what is Building Radar’s dream? Paul Indinger said:
“Of course we dream of becoming a unicorn and are aiming for that with our revenue goals.”