Israeli AI-powered construction planning company Swapp today announced the completion of a $7 million seed financing round, led by Point72 Ventures and Entrée Capital, with the participation of existing investors. The investment will enable Swapp to continue expanding its construction-planning platform and further develop its AI capabilities.
Swapp’s AI platform helps real estate developers and construction companies maximize their property investments and realize the full potential of their sites and projects by enabling them to streamline the conception, architectural design, and engineering processes, and directly control every phase of their project planning process.
Swapp’s platform also supports construction coordination of structural, architectural, engineering, mechanical, electrical, and plumbing (MEP) plans and produces detailed construction drawings and design models according to customers’ needs and requirements.
With offices in Tel Aviv and London, Swapp was founded by CEO Eitan Tsarfati, CTO Noam Gat and CSO Adi Shavit.
Tsarfati said, "Swapp’s AI solution is a game-changer in the field of real estate development and construction-planning. For the first time in the history of construction, real estate developers and construction companies can use a single platform to build their entire construction planning project and begin work within weeks instead of 9-12 months. We are already working with some of the biggest names in the construction industry to replace the slow, tedious, and inflexible construction planning process with our smart, efficient, and flexible, planning solution. This investment will help us grow our customer base and expand our AI capabilities to advance the future of construction planning."
Point27 Ventures partner Daniel Gwak said, "We believe Swapp has the ability to reinvent architecture by automating the entire construction planning process. Swapp’s AI-powered platform is designed to help modernize real estate development by simplifying the slow and fragmented planning process, allowing developers to create a full set of architectural plans within weeks. We are pleased to support their continued growth."
Entrée Capital general partner Eran Bielski said, "Our investment in Swapp reflects our belief that using AI to streamline and optimize operations will increase efficiencies for developers and general contractors in the industry."
Published by Globes, Israel business news - en.globes.co.il - on January 21, 2021
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