NEW YORK--(BUSINESS WIRE)--Northspyre, a cloud-based intelligence platform that harnesses the power of automation, data analytics and proactive insights to achieve predictable outcomes on complex real estate projects, announced that it has surpassed $4 billion in projects managed on its platform with less than $2 million in venture capital. This milestone was achieved two years after product launch. Northspyre supports the development, capital and asset projects of more than 25 leading developers, project management firms, institutions and corporations across New York, Boston, Atlanta and more.
Tamarisc Ventures, an early-stage venture capital firm that invests in real estate technology companies, led Northspyre’s most recent seed round to accelerate Northspyre’s product roadmap, support the growth of its customer success, engineering, marketing and sales departments, and expand into new markets across North America.
“We are thrilled to have reached this important milestone,” said William Sankey, Co-founder and CEO of Northspyre. “It’s a strong validation of the value Northspyre provides customers and brings us closer to our goal of empowering all real estate project teams to make better, faster and smarter data-driven decisions so their projects are completed on-time and on-budget. This is a humbling moment for our team, and we’d like to thank our forward-thinking clients and investors for their trust and loyalty. Their satisfaction and support only motivate us more to continue providing a modern solution to age-old real estate problems of time-consuming cost tracking, project reporting and a lack of data-informed decision-making.”
Founded in 2017 by a former New York City real estate professional, Northspyre’s mission is to help owners and developers regain control of their projects by automating tedious, low-value administrative tasks and leveraging data analytics and proactive insights to make better, faster and smarter decisions. Northspyre’s modern and sophisticated technology was created for real estate professionals who run complex, budget-driven projects and want to successfully complete those projects on-time and on-budget. Clients can expect to save up to 8% on overall project costs when using Northspyre.
“We’re excited by Northspyre’s strong momentum,” said David Bates, Managing Partner at Tamarisc Ventures. “Northspyre has the industry expertise and vision necessary to fill a void in the real estate project management space. Not only has the company built a next-generation product, but the team is tremendously capital efficient. We look forward to supporting Northspyre’s next phase of growth as it focuses on accelerating its product roadmap, developing key internal functions and expanding into new markets.”
The most recent seed round enables Northspyre to continue providing clients like Cronin Development and Leggat McCall Properties with tailor-made, sophisticated technology to complement their existing workflows.
Boston-based Cronin Development, with two decades of development success, is driven by a sustained dedication to world-class design with a community-oriented outlook.
“Northspyre has been a lifesaver,” said Anand Boscha, Development Associate at Cronin Development. “We run a lean team at Cronin and it was important that I was able to focus on the strategic direction of my project - The St. Regis Residences, Boston - without being bogged down in paperwork, data entry and administrative tasks. With Northspyre, I could rest easy knowing the software automated much of my tedious day-to-day tasks - tracking contracts, vendors and invoices, putting together monthly cost reporting and more - saving me multiple workdays a month. The time savings is huge.”
For more than 50 years Leggat McCall Properties has been a leading provider of real estate development, project management, and advisory services in the Boston real estate market to a diverse portfolio of private, public, and nonprofit clients.
“It’s clear Northspyre was developed by industry experts who really understand the pain points of real estate project management,” said Ted Finnerty, Vice President at Leggat McCall Properties. “The software is unique, flexible and intuitive. It’s able to adjust to the nuances of my projects so I never lose sight of the big picture and can easily dive into critical layers of detail when making important decisions. I feel in control and, just as important, I feel like Northspyre is an extension of my team, helping me to maximize the software so I can continue providing my own clients with the highest quality of service.”
In addition to Cronin and Leggat McCall, Northspyre’s client list includes many of the leading developers and project management firms across the country: Gardiner & Theobald, VVA Project Managers & Consultants, Roadside Development LLC, LEFTFIELD LLC, S.J. Collins Enterprises, Denham Wolf Real Estate Services, Inc., CommonGrounds Workplace, Cambridge Development Group LLC, Columbia Ventures, LLC and Levien & Company, among others.
About Northspyre
Northspyre is a cloud-based, intelligence platform that empowers real estate professionals to attain predictable outcomes on development, capital and asset projects across real estate project types. It leverages the power of automation, data analytics and proactive insights to help you make better and faster decisions - whether it's on one complex project or several different portfolios. Currently managing over $4 billion in client projects and growing.
https://www.northspyre.com/
About Tamarisc
Tamarisc is a venture capital firm that invests in and helps build companies that improve the human habitat through innovating at the intersection of real estate, health, and technology.
www.tamarisc.vc
