…is a Norwegian PropTech company that has created a cutting-edge solution for 3D visualisation of off-plan (new build) homes. Through combining the construction BIM model with tech from the gaming industry, adding automation, AI and a streamlined process, QiSpace is able to create a realistic virtual viewing of every single home in a property project.

QiSpace helps Buyers customise their apartment, Property Developers sell more apartments and Owners operate / maintain more effectively.

Key Highlights

Market

  • Total Addressable Market in Europe and USA valued at 40bn – 50bn NOK (for visualisation alone)
  • Highly attractive GTM strategy where main points of entry reinforce each other
  • Traction in Norway with UK office established

Industry Trends

  • Increasing GPU power, rapid development in gaming and AI/ML technologies
  • IT spending in property / construction industries rapidly increasing
  • SaaS model becoming more common 
  • Generational shift in property developer leadership open to new opportunities
 

Business Model

  • Property developers have well understood yearly target of new apartments
  • Project based pricing leading to full SaaS pricing
  • Additional long tail services possible through Digital Twin
  • Potential to tap into the consumer market

 

Technology

  • Unique, AI/ML enhanced technology
  • State-of-the-art immersive 3D solution with photorealism
  • Scalable proprietary technology pipeline developed
  • Estimated 2 year technical advantage
  • High barrier of entry
 

Team

  • Highly experienced entrepreneurial management team
  • Cutting-edge software development experience
  • World class operational experience
  • Broad domain expertise
 

Traction and Ask

  • 3 property developer customers, with very high satisfaction
  • All repeating business with multiple projects
  • Up to 40mNOK at 300mNOK pre-money valuation

Sustainability

Sustainable development that supports United Nations Social Development Goal 9 and 11

Case Study: Osebakken Park by PBBL

Osebakken Park is a residential  property development located in Porsgrunn, Norway delivered by Porsgrunn Bamble Borgestad Boligbyggelag (PBBL). 

Currently 2 phases have been launched

Phase 1 (Building A, B)
26 apartments launched in Feb 2021

Phase 2 (Building C)
21 apartment launched in June 2021

Up to Nov 2022

Only 16 apartments of the 47 were sold, selling at an average rate of 1.6 apartments per month

Nov 2021

PBBL engaged QiSpace to deliver 3D visualisation and virtual tours of 30 apartments that were soft-launched in mid-January 2022 with official launch in February 2022.

May 2022

11 out of the remaining 30 apartments have been sold at an average rate of 2.4 apartments per month

“Once we started using QiSpace, there is no turning back. We are going to use QiSpace in every project!”

– Head of Marketing, PBBL, Norway

Financials And Use of Funds

Product Video

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