Property development group City Developments has led a €14.9m ($16.1m) funding round for Pupil, a UK-based developer of spatial analytics technology, EU-Startups has reported.
The round valued Pupil at $100m and was also backed by unnamed hedge fund managers, European family offices and undisclosed US-based investors. It was described as a series A round by DealStreetAsia.
Founded in 2015, Pupil has created a software platform called Spec that utilises a Leica-made 3D camera to visually map out building interiors in order to reach a precise figure concerning their size. It is currently used by more than 500 real estate agents in London.
The technology also helps estate agents arrange marketing and insurance coverage. The company expects to launch Stak, a product tailored to commercial real estate, later this year.
James D Marshall, founder and chief executive of Pupil, said: “Since Pupil’s inception in 2016, the team has grown to over 100 and we plan to use this latest injection of investment to support the development of our products and services to deliver growth of the Pupil brands both in the UK and in major property hubs worldwide.”
The round brought the company’s overall funding to just over $26.5m according to EU-Startups. It has not revealed details of its earlier funding.