Proptech startup Inspace XR ends seed funding round with $750K

Inspace XR, a virtual reality (VR) startup, has recently raised $750,000 in a seed funding round. The startup says it will use the funding to build up their VR platform. The tech quickly converts 3D models from applications like Revit, ArchiCAD, or SketchUp, and converts them into VR environments.

The seed investment comes from a group of investors that include one of Australia’s largest angel investment group, Sydney Angels, Artesian, Taronga Group, and Investible.

The funds will be used to scale internationally and develop new AR/VR products that build on Inspace XR’s signature product, “River Fox”. This platform is designed to allow architects and builders to present their building designs in real-scale virtual reality, and physically walk their clients through them.

The start-up’s VR technology is already being used by some of the largest companies in the world across residential, commercial, educational, and industrial real estate – including JLL, CBRE, Charter Hall, Folkestone, and Macquarie Bank – in a bid to sell and lease real estate with an advantage, and to reduce costly design mistakes.

“The global building industry wastes $55 billion annually as a result of construction mistakes due to the misinterpretation of building designs,”

Clients of builders and architects are frustrated because they don’t understand floor plans and are also questioning the certainty of rendered images. This results in slow decision making and a high chance of design regret once it’s too late.

We created software that easily allows architects and their clients to walk through virtual buildings so they could be happy with the design before commencing construction.

Being backed by great investors such as Sydney Angels and Investible allows us to further develop River Fox, create new products, and launch these into overseas markets, starting with the US and China. We’re excited about the positive impact we’ll have on the building industry in 2019 and beyond,” concluded Mr. Liang.

Inspace XR CEO and Co-Founder, Justin Liang.

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