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.