SG developer City Developments leads funding in London AI startup Pupil

Pupil co-founders James D Marshall, Oliver Breach and David Mullett.

City Developments Limited (CDL), a Singapore-listed property developer and owner, has led the fresh funding round in Pupil, the London-based real estate AI measurement startup that seeks to disrupt the $280-trillion global real estate industry.

In a statement, Pupil said CDL acquired a minority stake in the startup for an undisclosed amount. Other backers in the latest funding round include US-based investors, European family offices, high net worth individuals, and managers of some of the world’s largest hedge funds.

The startup, founded in 2016 by entrepreneurs James D. Marshall, Oliver Breach, and David Mullett, said its total funds raised to date stands at $26.3 million. Its latest Series A funding round is understood to have valued the company in excess of $100 million.

The company captures and publishes 3D spatial data to accurately measure the build world through its patent-pending digital twin technology, Spec.

Spec has been rolled out across more than 500 real estate agency branches, capturing and generating thousands of digital twins of residential property every month.

Digital twin refers to a digital replica of potential and actual physical assets, people, places, and systems that can be used for various purposes.

Pupil said over $8 billion of residential real estate had been captured comprising some 10 million square feet using Spec. The company’s customers are a mix of large enterprises, nationwide franchise, and independent estate agents.

Pupil’s second product, Stak, will be unveiled later this year and will be focused on disrupting the commercial real estate market, an industry that Marshall described as rapidly adopting technology.

“We plan to use this latest injection of investment to support the development of our product and services to deliver growth of the Pupil brands both in the UK and in major property hubs worldwide,” Marshall said.

CDL, the lead investor in the funding round, is listed on the Singapore Exchange with a network spanning 103 locations in 29 countries and regions. It has developed over 43,000 homes and owns over 18 million square feet of lettable floor area globally.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.