NEW YORK — Northspyre, a cloud-based intelligence platform for real estate owners, developers and project management firms, has raised $7.5 million in Series A funding led by Craft Ventures, with participation from Tamarisc Ventures.
Northspyre is trying to disrupt traditional commercial real estate project delivery with modern technology, automation and data-driven proactive insights.
Since launching in 2017, Northspyre has expanded into most major US markets, facilitated more than $13 billion worth of capital projects and served more than 35 customers. As the commercial real estate industry grapples with the impact of COVID-19, Northspyre’s flexible, cloud-based technology has experienced its highest user engagement since its founding. Real estate professionals have turned to Northspyre to maintain continuity in project delivery and provide a critical, collaborative hub for teams now working remotely.
“We are thrilled to partner with Craft Ventures and take Northspyre to the next level,” said William Sankey, Co-founder and CEO of Northspyre, and former NYC real estate developer. “Industry demand for sophisticated, modern technology has grown tremendously since our founding, with more and more real estate professionals understanding the importance of data-driven decision-making. By employing Northspyre’s tailor-made software, leading project teams are saving up to 30% of their time and between 2-8% in overall project costs. We’re eager to reach more customers, enhance offerings for existing users and continue transforming traditional real estate project delivery methods with automation, data analytics and proactive insights.”
Northspyre is leading the Cloud 2.0 revolution for owners, developers, project management firms and internal real estate teams. Designed to empower real estate professionals to make proactive, data-driven decisions on development, capital and asset projects across various real estate project types, Northspyre’s software provides a modern, sophisticated solution for teams currently relying on outmoded processes. Northspyre enables teams to work faster, smarter and more efficiently by replacing error-prone spreadsheets, manual administrative work, paper-based workflows, gut decision-making and inadequate legacy applications currently on the market today.
“Traditional real estate project execution and delivery is ripe for disruption,” said Jeff Fluhr, General Partner at Craft Ventures and former StubHub co-founder. “William and his team have found an attractive market segment with a real need for technological advancement and significant headroom for growth. Today, high-stakes commercial real estate projects often face big delays and budget overruns due to manual, inefficient workflows, lack of real-time access to critical data and siloed information sharing. Northspyre’s intuitive, user-friendly platform can quickly replace current methods and fundamentally change how commercial real estate operates.”