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April 11, 2023
Top Proptech Companies of 2023: Six Solutions On Our Radar
Written by: Hannah Overhiser
The progress of technology has had a discernable impact on the commercial real estate marketplace and investor trends for decades. In the 2000s, cubicle-lined suites filled with individual computers, and office investment boomed. In the 2010s, the rise of online shopping shifted interest to industrial commercial spaces, large-scale properties for logistics and warehousing.
Today, commercial real estate, which has been famously conservative about technology adoption, has its own, tailor-made tech sector, Proptech, and an abundance of companies and digital solutions vying for the attention of major firms. Read on to discover some of the top Proptech solution companies making waves in the market today.
Prophia’s Rise to Proptech Prominence
Whether a new tech solution offers CRE professionals better collaboration or the ability to automate business functions, like lease abstraction, the Proptech field has been expanding and contracting for years thanks to acquisitions, rounds of hiring, and attention from investors.
As it stands today, the field is on the rise, once again, and it seems more and more Proptech companies are popping up every day. So how do investors and prospective clients silence some of the noise around this budding industry and focus on the companies that hold promise in transforming crucial processes in CRE?
In five short years, Prophia has excelled with both investors and prominent clients in CRE, synthesizing over 80,000 CRE documents to-date and closing $10 million in Series A funding. This journey since 2018 has made us uniquely attune to momentum around trends in Proptech and excited to use this perspective to highlight other Proptech companies using tech solutions to improve aspects of CRE from marketing to building operations.
Top Proptech Companies Gaining Investor Momentum in 2023
The Germany-based Proptech company, aedifion, stakes its claim to efficiency through building automation. Facility managers can seamlessly integrate the AI-powered platform with their existing building management system to get real-time insight into their building’s energy use. With this data, property managers can then make informed decisions to improve energy efficiency, reduce operating costs, and enhance occupant comfort and productivity, ultimately creating a more sustainable and optimized environment.
The reason aedifion makes our list of Proptech companies to watch is because they recently captured the attention of prominent investors such as World Fund, a new climate-focused tech fund, and BeyondBuild. Additionally, our own CEO, Cameron Steele, recently touched on a similar topic with ESG Labs about the future of environmentally-friendly CRE practices and the role solutions like Prophia play in the conversation of industry-wide change.
Zeitview, formerly known as Dronebase, is a Proptech company that uses drones to capture high-quality photos, videos, and thermal imagery for building maintenance and energy efficiency. They have a network of certified drone pilots in the US and UK, and a cloud-based platform for managing drone projects and extracting insights from drone data. The platform includes AI-powered image recognition and real-time data processing features.
With its versatile applications, Zeitview's drone technology makes our list of leading Proptech companies because it offers property owners a safer way to perform regular preventative maintenance inspections without endangering personnel while also being a great marketing tool for aerial footage and photography. Recently, the startup secured $55 million in funding from notable investors and shows great potential in the future of data science.
The largest commercial buildings in the world would not exist without infrastructure and San Francisco-based project finance platform, Banyan, is focused on accelerating and optimizing the financing of sustainable infrastructure throughout major metropolitan areas across the country. In addition to financing, the company also focuses on the development of infrastructure systems that are more environmentally friendly and resilient to natural disasters, making cities safer and cleaner.
With a team of experts in sustainable infrastructure, the company works closely with clients to develop customized solutions that meet their needs while also minimizing their environmental impact. With a focus on resilience, sustainability, and innovation, Banyan Infrastructure is a leader in the field of infrastructure development and easily makes our list of top Proptech solutions companies of 2023.
Cadre is an online real estate investment platform that connects individual and institutional investors with high-quality commercial real estate properties. The platform uses technology and data analysis to streamline the investment process, offering a range of investment options which include direct investment in individual properties, diversified portfolios, and funds that invest in real estate debt.
Since its founding in 2014, Cadre, which is headquartered in New York City, has built a promising team of experienced real estate professionals to power its proprietary investing platform. This combination of the human element and powerful tech forecasts a greater trend to come in CRE lending, where deal sourcing, underwriting, and management is customizable and supported by both technology and individuals with real-world experience.
Butlr.io is an AI-powered platform that offers workplace occupancy solutions for CRE. The platform uses computer vision and machine learning to analyze data from sensors and cameras in real-time, providing insights on workplace occupancy, utilization, and employee behavior. Butler.io’s platform also offers features such as space reservation, hot desking, and contact tracing, as well as customized reporting and analytics. The platform is designed to help building managers and employers optimize their workplace and create a safe and productive environment for employees, ultimately improving efficiency and reducing costs.
This Proptech player is worth watching as it aims to put data behind office space usage and provide features like space reservation to make office occupancy more efficient. With $20 million secured in Series A funding last year and a partnership with Cohesion, the company plans to increase momentum behind its 50-person team, particularly its go-to-market force, assuring investors of its growth prospects.
Building occupancy monitoring appears to be a prominent investing opportunity for CRE as the technology seamlessly ties into the different, potentially money-saving, facets of building management. VergeSense is another smart sensor platform on our top Proptech solution companies list that also uses AI and computer vision to analyze workplace and building occupancy.
Between VergeSene and Butlr.io, space occupancy tech seems to be a competitive field. While Butlr.io is finding its footing through partnerships with other building tech startups, VergeSense has reported growth of its own, namely a 188% growth in revenue YoY, happy customers in 43 countries, and a 57% expansion in personnel.
The Proptech industry continues to expand and evolve, with more and more companies emerging and gaining momentum. The six companies in our list each offer a unique solution to improve different aspects of commercial real estate, from sustainability to workplace occupancy. As the industry grows, investors and clients will need to navigate the noise to focus on companies that hold promise in transforming critical processes in CRE. These companies are paving the way for the future of Proptech and are worth keeping an eye on in the coming years.
Tag(s): Thought Leadership , CRE Trends , PropTech
Hannah is Prophia's Content Marketing Manager and a seasoned marketer. Her career began in eCommerce consulting with a focus on code testing. This technical expertise transferred seamlessly to SEO and she started working agency-side as an SEO and Content Strategist. Today, her home is Prophia, and she puts her...
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