VR proptech start-up, Inspace XR, has raised a $750,000 seed round from a group of investors that include 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’, which allows 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,” said Inspace XR CEO and Co-Founder, Justin Liang.
“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 can 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 was founded in 2017 by Justin Liang, who is an ex-AMP Ventures team member and Eric Fear, ex-VR Lead at the Academy of Interactive Entertainment.
There are an estimated 3.6 million architects and 607,000 architecture practices globally, representing a $2 billion annual revenue opportunity in the architecture industry.
On top of its globally-recognisable clients, Inspace XR also has partnerships with a number of high-quality VR hardware manufacturers and is consulting to the architecture departments of Australia’s top universities to educate the next generation of architects to use VR as standard design process. It also plans to leverage strategic partnerships and global resellers to rapidly grow its customer base.
“Not only is Inspace XR a high-quality product that solves a very real and significant issue, but the team also has a solid business plan and a demonstrable path to growth,” said Enrico Massi, lead Sydney Angels investor. “We are confident in the ability of the co-founders to build Inspace XR into an enormously successful business, which will have real impact locally and globally”.
According to Investible’s Chief Investment Officer Hugh Bickerstaff, Inspace XR came to their attention when it won the 2018 Sydney finals of Investible pitch events, OTEC (Overseas Talent & Entrepreneurship Conference) and Techsauce.
“Inspace XR delivered two very impressive pitches, and following business model stress testing at our inaugural Investible Games, we were also impressed by the team’s focus on educating the market, and growing their SAAS user base by building a user-friendly product,” said Mr. Bickerstaff.
River Fox is available for purchase online at (AUD) $140 per month. Inspace XR also has a consulting arm ‘Inspace Labs’, which delivers bespoke AR/VR projects, strategic consulting, and hardware solutions.