Integrated Projects Raises $3M To 3D Digitize Buildings – AlleyWatch
Traditionally, building owners have relied on a combination of surveyors, architects and engineers to develop blueprints and detailed plans to understand their buildings and usable spaces, and have mostly incorporated technology into that process. Could not. Integrated Project Exchange (IPX) It combines 3D scanning with software-enhanced insights to enable property owners to create accurate digital representations of their buildings that provide an unprecedented level of detail at a fraction of the cost and time. This spatial intelligence has value for building owners and design professionals in planning renovations, sourcing and planning materials, making efficient use of space, as well as understanding their environmental footprint. is becoming more and more important. The company partners with leading 3D scanning companies such as Matterport and Sitescape FARO to provide building owners with international services. Currently, IPX allows him to service six buildings per day. The company plans to use the additional funding to expand its capacity to 60 buildings per day.
alley watch We spoke with the Founder and CEO of Integrated Projects Jose Cruz Jr. To learn more about the business, the company’s strategic plans, recent funding rounds, and more…
Who are the investors and how much did you raise?
This was a $3 million round in seed funding. The seed round will be led by 186 Ventures with participation from Founders Collective, Connexa Capitaland Four Acres Capital, In addition, it includes investments from leading real estate managers and institutional investors such as Fallon Company, Atlantic Management, JLL and Newmark.
What products or services does Integrated Projects offer?
The Integrated Projects Exchange (IPX) is a digitization platform for building owners and design professionals. Through IPX, customers can request a 3D capture of her building, bringing it online with unprecedented accuracy.
This on-demand digitization service offers users a range of benefits across the building lifecycle, from acquisition to design, procurement, installation and marketing. IPX allows users to instantly view, share, download, report and quantify their space from any browser.
What inspired you to start the integration project?
Throughout my career, I have had the opportunity to sit on different sides of the real estate table.
First as an architect, then as a construction manager, and later as an owner’s representative. Working on different sides of the table, it became painfully obvious that I was building with the wrong building information. This has resulted in costly mistakes in the spaces we have built, ranging from under-budgets to refurbishment schedules.
On a different note, the past decade has seen a wave of software-focused proptech building, but there has been no innovation around the hands-on services needed to get the right information about a building. .
IPX sits at the intersection of software and innovative services.
How are integration projects different?
We are in the business of converting atoms to bits precisely. This means that IPX is a digital proxy for dirt, bricks and mortar. Of course, software alone cannot solve the challenge of accurately measuring physical space. A combination of services and software is required. Similarly, Amazon has an interface where you can order shampoo, and an entire fulfillment process going on in the background to move that shampoo from point A to point B. Similarly, IPX serves as an interface for ordering shampoo. Owners can mobilize the entire fulfillment process to digitize their buildings and finally bring them online.
What market is Integrated Projects targeting and how big is it?
Our Market: Existing Buildings. We know there are about 1.6 billion unique buildings in the world. By the way, there are almost as many buildings as there are total websites (as of 2022).
Existing buildings are the number one public enemy, responsible for over 40% of global CO2 emissions, and the largest asset class in the world. In cities like New York, his CO2 ratio in buildings is even higher, over 70 percent.
To curb this, building owners have the most direct power to improve their physical assets while removing CO2 from the environment. But they cannot do it alone. they need help from others.
As such, while building owners represent our core customer segment, we are building services for architects, engineers, product companies, and public institutions that facilitate building improvements.
What is your business model?
Our business model is on demand. Pricing transparency, timeliness and standardization are central.
Because building owners need to 3D scan their buildings, our company costs 10 compared to having to pay a combination of surveyors, architects and engineers just to document their buildings. A twice as affordable alternative.
How are you preparing for a potential economic slowdown?
If COVID-19 has taught us anything as a business, it has taught us not to underestimate how quickly things can change. In moments of uncertainty, cash is like oxygen.
Every CEO must take a multipronged approach to the looming economic slowdown.
- Create a fundraising runway that will get you through months of uncertainty. Even if you’re growing and profitable now, assume that the impact on your customers might reduce your workload.
- Talk to your customers. Perhaps they are feeling the pain of the economic slowdown and may need you to adapt to their needs.
- Stay lean. Doing more with less is part of the DNA of a company like ours that has historically been on its own. That said, it will likely be a disrespectful wake-up call for companies that have hitherto only offered lavish perks or lashed out at the problem.
What was the fundraising process like?
Before entering the fundraising process, before collecting a dime from investors, our integration project team decided to first prove ourselves some of the basics of the business.
- that people really need our services
- that people really pay
- that people have something they need repeatedly
- The problem is that it is as big as it spreads on a global scale
The ability to operate at a sustainable scale and with sufficient profit margins without a large amount of capital.
It took us about five years to find the right lever combination. After all, if you understand these instruments before raising funds, you will find that the fundraising process is automatic. The seed round took about three months from start to finish. In this economic environment, I think this is a great success.
What was the biggest challenge you faced while fundraising?
As a founder, I want to build relationships with investors early on.
Don’t wait for an introduction to an investor or lender until the moment you need it. In retrospect, this could have been done better. Asking for money from someone you’ve just met is never a good idea. Perhaps if I had built relationships before the raise, I could have closed the deal sooner.
Thankfully, we were generating profitable revenue prior to seed procurement. This means that even if the fundraising was unsuccessful, they were already forging their own fundraising avenues. This important fact helped me sleep through the night during my fundraiser.
What factors about your business made investors write checks?
Bottom line: We have built a profitable and scalable business in a large new market with repeat customers.
Our self-made team pays close attention to the unit economics of our operations, finding ways to systematize every aspect and add value to our customers where needed.
What advice would you give to New York companies that haven’t recapitalized their banks?
Cash injections only highlight the strengths and weaknesses of a company. Fundraising does not solve any underlying problems.
In my experience, it’s better to celebrate a customer paying $1 and reinvesting 70 percent of it than celebrating a cash injection from an investor.
Where do you see the company going in the short term?
Our focus is to expand IPX’s existing digitization capacity from 6 to 60 buildings per day.
With so many ways to commute in the city, how do you usually commute to work each day?
Our services are provided 24 hours a day, so our operations are completely remote. We have built a distributed workforce across eight time zones.
Personally, it really depends on the day. I’m an introvert living in New York City. Naturally, I prefer an isolated environment to do my best work, but I prefer to be in the action to experience the pain points of my landlord’s customers.
For teams, specific projects, and clients, nothing beats face-to-face work sessions. I find myself taking the subway to the Chelsea neighborhood of Manhattan. It tends to be a central place to meet with clients and team members.
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https://www.alleywatch.com/2023/05/integrated-projects-exchange-ipx-3d-blueprint-buildings-spatial-intelligence-digitization-platform-jose-cruz-jr/ Integrated Projects Raises $3M To 3D Digitize Buildings – AlleyWatch