Commercial: PlanRadar is Looking to Digitize Construction Process

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Austrian PlanRadar, a startup digitalising documentation and communication in construction and real estate projects, has secured a €30 million Series A funding, led by Insight Partners.

PlanRadar, founded in 2013, is a cloud-based SaaS solution for construction documentation and defect management in real estate projects. The user uploads blueprints, can pin any defects or tasks directly via their smartphone or tablet on the blueprint, and then can share and communicate them with other project stakeholders (e.g. suppliers, owners, etc.).

With this method, the whole communication and work flow is documented and can be used for reports and revision. It has obvious benefits for any Commercial sector insurers, MGAs and brokers, as there is an electronic trail of data in the event of any incident.

Thanks to this solution, companies are making cost and time savings of 60-70%, which equals to a collective €500 million across Europe and 7+ hours in admin time per week. With this new investment, the startup has the potential to fuel further global savings and promises to help scale the already successful model worldwide. The capital is earmarked for strategic expansion into nine new territories worldwide and deepening its foothold into its already-established markets.

Thomas Krane, Principal at Insight Partners, said: “As the world of construction and property management undergoes a fundamental shift toward a digital future, PlanRadar has become a trusted partner in the industry, enabling their customers to build better buildings and ensure infrastructure works are on time and on budget.” 

As a recent LexisNexis survey revealed, some 49 percent of all Commercial sector underwriting and risk analysis is still being carried out by humans – no automated systems involved. If the UK insurance industry is to capitalise on global opportunities, then it has to transform commercial underwriting into an online process, to be truly competitive.

Sander van de Rijdt, Co-CEO and co-founder of PlanRadar said: “We’ve dedicated our work to digitising an industry that remains overly reliant on pen and paper. 70% of our users’ report moving to PlanRadar from offline data collection. The sector has always suffered a reluctance to modernise on-the-ground communication, so an investment like this from such renowned investors is an indication of real belief in what we’ve created with PlanRadar.”

About alastair walker 6497 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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