📰 TLDR

• Bowery Valuation raises $16.3M in Series B extension funding

• Tractable AI raises $65M in Series E

• MyCover.ai raises $1.25M in Pre-Seed

• Stylib raises £1.5M in Pre-Seed

• InspectionGo raises $5.5M in Series A

• Aeroseal raises $67M in Series B

• Zippy raises $26M in funding

• Skillit raises $8.5M in additional Seed

• Source raises $2.5M in funding

• Mynd raises $30M in funding

• Craftwork raises $4M in funding

• Titlewise receives $1M in Seed

• 🌟PropTech Star of the week: Higharc uses AI and computational design to automate homebuilding by managing house plans, building standards, producing material lists, and creating permit-ready CDs automatically.

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❗Highlights in PropTech

Bowery Valuation raises $16.3M in Series B extension

• Bowery Valuation is a technology-enabled commercial real estate appraisal firm which leverages an in-house team of appraisers and tech-driven end-to-end software solutions. By leveraging public record integration, a mobile inspection app, natural language generation, and exhaustive databasing, the company’s proprietary report writing technology streamlines the appraisal process, enabling faster turnaround times, enhanced accuracy, and improved efficiency for its clients.

Tractable AI raises $65M in Series E

• Tractable is an Applied AI company that uses artificial intelligence to visually assess cars and homes. Its AI automates the insurance claims and damage assessment process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone.

• Trained on millions of data points, Tractable’s AI reviews photos of cars and homes captured via smartphone and recommends decisions based on damage severity. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale.

• The company works with leading P&C insurers, automotive and property companies including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail.

• Its solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties.

MyCover.ai raises $1.25M in Pre-Seed

• MyCover.ai is an insurtech platform that enables businesses and innovators to embed and distribute insurance products in Africa. The company is working on how Africans utilise and experience insurance by embedding policies into their favourite products and services and by streamlining claims processes for insurance companies and users.

• MyCover.ai provides an open insurance API that integrates with insurance companies, such as Hygeia, Leadway, Sovereign Trust, AIICO Insurance and Allianz, to offer over 30 personalised insurance products, allowing other businesses and innovators to embed these insurance products into their platforms.

Stylib raises £1.5M in Pre-Seed

• Stylib provides a platform for design professionals to search, review and specify architectural materials. Working with product suppliers and their designer customers, the startup is developing tools and technologies that leverage AI & architecture domain-knowledge to promote efficient specification journeys.

• The company’s proprietary machine vision tools allow designers to use their own inspiration images to search for relevant products from trade suppliers. It is then coupled with its product database, which helps narrow down a user’s search using technical filters that include information like sustainability criteria, fire rating, slip resistance and more.

• To complement it’s search technology, Stylib is developing tools such as digital moodboards and personalised material libraries, that help designers to manage their architectural materials’ knowledge base.

• Customers can integrate Stylib’s product discovery technology into their own websites using its API and widget solutions. Suppliers can manage their catalog database using the platform’s vertical Product Information System (PIM), which enriches their data using machine learning and has been designed to suit the needs of architectural product suppliers and manufacturers.

InspectionGo raises $5.5M in Series A

• InspectionGo aims to improve the home inspection experience by equipping the community of home inspection companies with a modern technology platform. Its offering includes Keystone, a plug and play back-office platform; access to coaching, marketing and management resources which provides a stream of highly trained home inspectors to the inspector community.

• The company also announced the strategic acquisitions of Repair Pricer and HomeBinder.

Aeroseal raises $67M in Series B

• Aeroseal offers a patented solution to the pervasive issue of energy leaks in buildings. The company provides carbon dioxide removal technology that produces a gum that seals air ducts and building envelopes efficiently.

• The application requires no lifestyle change for building tenants, no building renovation, and can be done in a single afternoon. Its patented methods are one of the ways to reduce energy loss from buildings and improve HVAC system performance.

Zippy raises $26M in funding

• Zippy provides loans to consumers who want to buy manufactured housing.

Skillit raises $8.5M in additional Seed

• Skillit’s platform seeks to provide ENR contractors nationwide with better control of their project life cycle and long-term profitability. It does this by sourcing in-house skilled workers for every trade, including carpenters, electricians, welders and heavy equipment operators.

Source raises $2.5M in funding

• Architects and designers can search for specific products on Source using filters such as whether an item can be cleaned with bleach — a must for hospitals — and for environmentally-sustainable products. Then they can order samples, which automatically connects them to local sales reps.

• The site covers products used inside and outside of commercial construction, including tiles, paint, carpet, brick, siding, glass, counters, and cabinets. Source works with more than 200 architecture and design firms in the western United States.

Mynd raises $30M in funding

• Mynd provides an online platform that assists investors with finding and managing single-family rentals (SFR) in and from any location within the U.S.

Craftwork raises $4M in funding

• Craftwork allows homeowners to get an instant painting quote online and schedule their projects.

• Craftwork painters handle the projects themselves. The startup trains and hires painters into full-time roles, meaning they receive health care benefits and equity in the company.

Titlewise receives $1M in Seed

• TitleWise is a platform that helps real estate companies, banks, attorneys and others to make the process of researching land titles easier for everyone involved.

🌟PropTech Star of the week: Higharc

Higharc, a tech company specializing in homebuilding, is making its mark in the real estate industry with its unique proposition: a comprehensive, intelligent homebuilding platform. The company's recent success in securing $40M in funding underscores the potential of their innovative model, which seeks to revolutionize the homebuilding process.

Higharc's platform is not just about designing homes, but about creating a seamless, efficient solution that could have far-reaching benefits for both homebuilders and homeowners. The platform uses AI and computational design to automate homebuilding, making it faster, more cost-effective, and more accessible.

One particularly impressive and useful aspect of the platform is Higharc Build, which enables builders to get lot-specific, permit-ready CDs in one-click — no drafting required.

Typically, this process would take weeks in a traditional homebuilding process. Higharc’s success in challenging the norms position the company to lead the industry into a new technological standard.

What do we like?

• AI-Driven Homebuilding - Higharc's platform uses AI and computational design to automate the homebuilding process. This approach addresses the inefficiencies in traditional homebuilding, making it faster and more cost-effective.

• Customization - Higharc allows users to customize their homes in real-time, offering a level of personalization that is not typically available in the homebuilding industry.

• Integrated Workflow - Higharc's platform integrates the entire homebuilding workflow, from design to construction, enabling documents and drawings to be printed directly from designs.

• Scalability - Higharc's business model is scalable, with potential for expansion into various markets across the United States.

What are the risks? 

Despite the potential benefits, as with any regulated industry (especially the homebuilding industry), any changes in regulations could impact Higharc's operations.

Although, one would imagine Higharc is well positioned to absorb any regulatory pressures, given the relatively low competitive environment for homebuilder technology.

Overall

Higharc offers a promising solution to the inefficiencies in the homebuilding process. This is an exciting startup that has relatively few risks of failure, given their high value and low competitive positioning.

Overall, I am optimistic about Higharc's potential in the homebuilding industry and would definitely give it a try, as a homebuilder or customer, if it means faster and more efficient construction.

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