TEL AVIV, Israel, Jan. 21, 2021 /PRNewswire/ -- Swapp, an AI-powered construction planning company, announced today that it raised $7 million in Seed funding, led by Point72 Ventures and Entrée Capital with the participation of existing investors. The investment will support Swapp's continued market expansion for its construction-planning platform and expand its AI capabilities.
By streamlining the conception, architectural design, and engineering processes, Swapp's AI platform helps real estate developers and construction companies maximize their property investments and realize the full potential of their sites and projects by enabling them to directly control every phase of their project planning process.
In addition to generating, optimizing, and iterating design options, Swapp's platform also supports construction coordination of structural, architectural, engineering, mechanical, electrical, and plumbing (MEP) plans and produces detailed construction drawings and design models according to customers' needs and requirements.
"We believe Swapp has the ability to reinvent architecture by automating the entire construction planning process," said Daniel Gwak, partner at Point72 Ventures. "Swapp's AI-powered platform is designed to help modernize real estate development by simplifying the slow and fragmented planning process, allowing developers to create a full set of architectural plans within weeks. We are pleased to support their continued growth."
"Investing in Swapp was an easy decision once we heard the CEO, Eitan Tsarfati, speaking about his vision and saw the team he gathered to execute it," said Eran Bielski, General Partner at Entrée Capital. "Our investment in Swapp reflects our belief that using AI to streamline and optimize operations will increase efficiencies for developers and general contractors in the industry."
"Swapp's AI solution is a game-changer in the field of real estate development and construction-planning," said Eitan Tsarfati, Co-founder and CEO of Swapp and former General Manager of Autodesk Israel. As an experienced Harvard graduate architect and a serial entrepreneur, Tsarfati looks to reinvent the role of architecture with Swapp's AI-based platform. "For the first time in the history of construction, real estate developers and construction companies can use a single platform to build their entire construction planning project and begin work within weeks instead of 9-12 months. We are already working with some of the biggest names in the construction industry to replace the slow, tedious, and inflexible construction planning process with our smart, efficient, and flexible, planning solution. This investment will help us grow our customer base and expand our AI capabilities to advance the future of construction planning."
Swapp is an AI-driven planning company that developed a single-platform for real-estate developers and construction companies to create their entire construction planning, from feasibility assessments to detailed construction documents plans and begin work within weeks. With the use of their one-stop-shop platform, Swapp is redefining the pre-construction planning process and introduces smart, efficient, and flexible construction planning. Using their platform, real estate developers and construction companies can control every phase of their project planning process and readily adjust them to their budget and needs.
For more information, please visit: https://www.swapp.net/
About Point72 Ventures
Point72 Ventures is a global venture capital firm led by a diverse set of domain experts with the capital to lead rounds through all stages of a company's growth. The firm invests primarily in Fintech, AI/ML, Enterprise and Healthcare technologies. As an independent arm of Point72, the global asset management firm led by Steven A. Cohen, Point72 Ventures offers well-informed insights into the global economy. Point72 Ventures has offices in New York City, Palo Alto, California, and Stamford, Connecticut. For more information, visit their website at www.p72.vc
About Entrée Capital
Entrée Capital, with offices in Israel, UK, and the US, was founded in 2010 and provides multi-stage funding to innovative seed, early, and growth-stage companies all over the world. Entrée Capital manages over $500m across six funds and has invested in startups such as monday.com, Snap, Stripe, Deliveroo, PostMates, Riskified, FundBox, Toka Cyber, Kuda Bank, Stash, PillPack, Gusto, Cazoo, Coupang, Glovo, and over 80 other companies. Entrée Capital has over the past nine years realized 23 exits and IPO's and its portfolio has 13 unicorns. For more information visit www.entreecapital.vc