London-based contech startup KOPE has secured £1.7m in a seed funding round to expand its purpose-built software platform for offsite construction.
Launched in 2020, the startup’s AI-powered software looks to bridge the gap between design, manufacturing, and construction.
This will reduce the amount of manual labour required onsite and directly address inefficiencies in the supply chain and procurement process, the company said in a press statement.
The newly-completed seed round saw support from a consortium of high-profile investors, including executives at Halkin Private Capital, Goldman Sachs, Freshstream, Enscape, ilke Homes, and Recast, in addition to international corporate investors, Addnode Group, and Barton Malow Ventures.
COO and Co-Founder, David Flynn, said the fresh funding will be used to open up a number of senior positions across the startup’s operations, marketing and product teams.
“It’s an incredibly exciting time for the business and we can’t wait to see what the next twelve months hold,” he added.
The company closed a £350k pre-seed round last year, which it used to develop what it says is the first cloud-based, multi-objective optimisation engine to enter the construction tech market.
The latest investment will be used to grow KOPE’s content library, develop extensive fabrication and drawing production tools, and create a marketplace for offsite construction systems and products.
KOPE’s vision is to accelerate the adoption of offsite construction through broad design-to-manufacturing automation, allowing instant visibility and implementation of products supporting a low carbon, low resource agenda. Its platform is already used globally by various contractors, manufacturers, and volumetric-modular house builders.
CEO and Co-Founder, Mark Thorley, commenting on the challenges currently faced within the construction industry, said: “When you combine an ageing workforce, a skills shortage, a housing crisis and poor environmental practices, you get an industry unable to sit on its hands. With KOPE, we are supporting those intent on solving those issues.”
Image: KOPE co-founders (credit: KOPE)
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