- Bright Spaces, the Bucharest-based provider of real estate 3D visualization and custom space planning solutions, is campaigning on SeedBlink
- The startup’s existing investors have pre-committed EUR 1.8M out of the planned EUR 2M
- The company’s massive ambitions include further product development in the direction of AI/ML and geographic expansion across Asia and in the USA
The well-known Romanian proptech Bright Spaces started a co-investment campaign on SeedBlink where it plans to raise a Bridge Series A round of EUR 2M. The startup’s investors from previous rounds, including Clearance Capital, Fortech Investments, Hellen’s Rock, Pi Labs, and Sparking Capital, have already pre-committed EUR 1.8M. The campaign runs until January 31st, 2024.
Bright Spaces in Recap
Founded in 2019, Bucharest-based Bright Spaces established itself as the go-to solution provider for 3D visualization of real estate. Bright Spaces’ digital twins of commercial real estate proved particularly beneficial during the COVID pandemic as landlords could conduct virtual tours for potential tenants without unnecessary risk to anybody’s health.
Bright Spaces’ Custom 3D Space Planning was launched in 2022 and significantly upgraded in 2023. In the latest version, clients can enter tech and ESG characteristics directly while planning in order to make informed decisions instantly.
- ‘A 737% growth rate in the last three years has been recognised by Deloitte, placing us 5th on their famous Companies to Watch list.
- We’ve also diversified our product offerings by introducing new verticals that will be officially announced in January.
- We’ve strengthened our team with the inclusion of Adam Ghadiali, who brings over 16 years of international real estate experience. Adam’s background, including his recent role at a proptech company, enhances our team’s expertise and contributes to our collective growth.
- In terms of product development, we’ve achieved notable progress in testing generative AI for our floor-plan reading and labeling, as well as using a mix between pure algorithmic and machine learning for the automated generation of areas inside a floor-plan.
- Bright Spaces was featured in Volume 2 of Pi Labs’ groundbreaking research paper, Technology Deployment in the Built World. In this volume, Pi Labs delves deep into the world of real estate technology deployment, presenting two detailed case studies — featuring Bright Spaces and Demand Logic — alongside an insightful introductory chapter that sets the stage for innovation in real estate.
- We were accepted to Rubik Garage’s Scale to USA accelerator. Our participation in this programme is a strategic move as we receive access to mentors with proven experience in scaling startups in the US. The aim is to determine the opportune moment for scaling in the US, recognising the critical importance of allocating resources effectively.’
The Crowdfunding Choice
According to Mr Nicoară, Bright Spaces – like many of SeedBlink’s portfolio companies – opted for a crowdfunding component in the ongoing round as a means to engage its community and offer it an opportunity to get directly involved in the company’s growth journey.
‘Crowdfunding not only allows us to broaden our investor base but also fosters a sense of shared ownership and support from our community,’ the CEO points out.
SeedBlink is famous for its established position as Europe’s fastest-growing investment platform specializing in sourcing, vetting, financing, and scaling tech start-ups. This aligns seamlessly with Bright Spaces’ focus and goals. Their track record and reputation within the industry made them a natural choice for Bright Spaces
‘What makes SeedBlink stand out for us is not just their know-how in the tech startup scene but also the unwavering support and confidence they’ve inspired in our team. Our trust in SeedBlink comes from their knack for simplifying our access to crucial funds and knowledge, making the fundraising journey smoother and more impactful. In our time with SeedBlink, they’ve consistently shown their dedication to being a reliable partner. Their support has played a crucial role in helping us navigate the intricacies of fundraising, offering valuable insights, and connecting us with key players in their extensive network,’ Mr Nicoară tells ITKeyMedia.
The pre-committed investors in Bright Spaces’ SeedBlink campaign includes an impressive list of those who invested in the startup previously, which points at the investors’ firm confidence in Mr Nicoară and his team.
‘We trust Bright Spaces is on track to refresh the traditional real estate market with an innovative approach that will reshape the way leases are closed and spaces are designed,’ Hellen’s Rock’s investor Alexandru Seran reminds.
Further Plans: Growth, AI, and More Geographies
According to the campaign page, the new investment will be used to:
- grow the company’s revenue 2-fold again for 2024 and 2025;
- fully automate (Artificial Intelligence & Machine Learning) the floor-plan cleanup and generative design;
- establish as the winner in the EU and the UK;
- start experimenting with the US and Asia;
- establish Bright Spaces as winners not only in the office sector but also in industrial and logistics.
Mr Nicoară adds that the next year’s focus will be on providing seamless client onboarding, deepening the confidence in the ROI that Bright Spaces brings, and further improving product capabilities through AI and increased user experience. The company expects to upsell and cross-sell the solutions within its biggest accounts in order to generate more success stories with measurable results.
While the pursuit of exceeding expectations has been a constant theme throughout this year, we
firmly believe that ‘a good company is a good company,’ no matter what the market looks like,’ Mr Nicoară sums up.
Kostiantyn is a freelance writer from Crimea but based in Lviv. He loves writing about IT and high tech because those topics are always upbeat and he’s an inherent optimist!