Intelligent City, a proptech applying automation and robotics to the design and construction of prefabricated mass timber buildings, today announced raising a $17 million Series A, according to a press release.
The company says it will use the funding to scale its operations, commercialize its Platforms for Life (P4L) building solution, grow factory automation and expand its footprint “across and beyond Canada.”
Through its design platform and vertical integration with building systems, supply chain contracts and manufacturing automation, Intelligent City says it departs from the construction industry’s “typically fragmented and hierarchical design and construction processes.”
It says this end-to-end, product-based approach uses parametric software for design, cost estimation, carbon footprint confirmation, material quantifications and precision manufacturing to bring automation to the prefabrication of large building components.
The company claims this helps prefab timber developers to achieve “nearly 100 percent cost certainty, deliver 1.5 times the number of residential units on the same site compared to traditional methods, and realize savings of up to 50 percent on life cycle costs per home.” It also stated that by utilizing energy-efficient standards of Passive House design, such as air-tight seals, its building achieve a 90% reduction in carbon emissions.
“We are focused on revolutionizing an industry that is notoriously slow to innovate while making a significant impact on our climate with lower carbon emissions from the construction and operations of buildings,” stated Oliver Lang, Intelligent City co-Founder and CEO, in the release.
“By utilizing green building strategies and patented technology to deliver affordable, mass-customizable urban housing, we can help cities to adapt more quickly as the needs of people and the planet evolve,” Lang said.
The Series A included participation from BDC Capital‘s Cleantech Practice, Greensoil PropTech Ventures, UIT Growth Equity GP, Fulmer & Company and over 30 independent investors, and brings the company’s total funding raised to date to $23 million (CAD $30M).
The funding also included capital from government and accelerator programs including: Natural Resources Canada (NRCan) Investments in Forest Industry Transformation program (IFIT), the Sustainable Development Technology Canada (SDTC) Seed Fund and the Next Generation Manufacturing Supercluster (NGen) Manufacturing Project Funding.
This capital also follows the completed testing of its building systems and verification to work on new mass timber high-rise building codes in the U.S. and Canada. Intelligent City says that it currently has a pipeline of more than 2,300 homes and is supported by leading developers in Vancouver, Toronto, Ottawa and the U.S. (noting two high-rise projects in downtown Vancouver).
In other recent proptech news, Class Valuation completed its ACE+ PDR verification ahead of the new cash-out appraisal alternative. Fundrise also launched a $1 billion investment fund with a $10 investment minimum.