NavVis adds €25m in fresh funding to fulfill its mission to digitize commercial buildings and assets. The funding complements NavVis’s recent debt funding from the European Investment Bank to solidify its technological leadership position, leveraging its momentum fueled by the need for up-to-date digital twins in construction, industry 4.0, and new trends such as the metaverse.
NavVis is a global leader in end-to-end solutions for reality capture and digital twins. The company is on a mission to bridge the gap between the physical and digital world by enabling immediate access to building information, anytime, anywhere. The NavVis product offering includes the world’s most advanced reality capture solution, which allows for rapid digitization of buildings and assets, and cloud-based digital twin software for the manufacturing and construction sector.
NavVis announced today that they have received €25m of fresh equity funding that complements the recent 20€m debt funding from the European Investment Bank (EIB), raising the total investment to 85€m. The round was led by Cipio Partners, with additional capital from previous investors, BayBG, MIG, Target Partners, Digital+ Partners, and Kozo Keikaku Engineering, making NavVis one of the best-funded deep tech startups in Europe.
Propelling the new era of digital reality
Around construction sites, factories, and all other commercial buildings today, planners, engineers, and operators struggle with non-existent, unreliable, or inaccessible data. Therefore, people are often required to be on-site. Pandemic travel restrictions, climate considerations, and the need to digitize processes and disconnect them from the physical building and assets amplify these struggles.
NavVis provides detailed, reliable, and easily accessible data of buildings and assets fast and at an unprecedented low cost. This does not only account for cost and time savings during planning, implementation, and operations but also allows for faster decision-making and reduced time-to-market.
NavVis’s CTO and Co-founder, Georg Schroth, describes the solution best: “At NavVis, our mission is to grant immediate access to reliable information about buildings from anywhere in the world. This information is the foundation for almost all processes that touch the world’s most valuable asset class – the built environment.”
NavVis achieves this with its truly disruptive reality capture solution and SaaS platform to provide immersive access to buildings from any place, especially in the manufacturing and construction industries.
Investment in scaling and expanding
NavVis plans to leverage the investment to vastly expand operations to meet the demand for its 3D scanning and digital twin solutions. In addition to accelerating geographical growth, NavVis also plans to scale its R&D teams to further strengthen its technological leadership position in SLAM software (simultaneous localization and mapping), reality capture, visual positioning, and digital twin technologies.
The megatrends of ubiquitously overlaying our physical reality with digital content (i.e., augmented reality and the metaverse) are expected to drive explosive demand for NavVis’s 3D scanning and computer vision technology.
NavVis CEO and Co-founder, Felix Reinshagen, said: “We are excited to have the experienced and tech-savvy team from Cipio Partners leading this funding round. And we are proud of the vote of confidence from our existing investors who all also contributed. Spatial data is a fundamental building block for digital twin technology and many industrial applications. Augmented reality and the metaverse need spatial data at scale to fulfill their promise. This new funding will allow us and our customers to capture and work with spatial data at unseen scale and utility.”
Dr. Ansgar Kirchheim, Venture Partner at Cipio Partners added: “I have been following NavVis for a few years and after joining Cipio Partners reached out immediately. Their groundbreaking technology enables the easy digitization of the built environment, which, combined with strong leadership, has allowed NavVis to grow strongly. They have really seized the market opportunity and we are very much looking forward to supporting NavVis to become the one-stop shop for all reality capture and digital twin needs.”
Bridging the gap between the physical and digital world, NavVis enables service providers and enterprises to capture and share the built environment as photorealistic digital twins. Our SLAM-based mobile mapping systems generate high-quality data with survey-grade accuracy at speed and scale. And with our digital factory solutions, users are equipped to make better operational decisions, boost productivity, streamline business processes, and improve profitability. Based in Munich, Germany, with offices in the United States and China, NavVis has customers worldwide in the surveying, AEC, and manufacturing industries. For more information, visit www.navvis.com
About Cipio Partners
Founded in 2003, Cipio Partners is a leading investment management and advisory firm for European Growth Capital & Minority Buyouts for Technology Companies. Cipio Partners targets European growth stage technology businesses with €10-50 million in revenue and makes initial investments ranging from €3-10 million. Cipio Partners operates from offices in Luxembourg and Munich. Further information is available at www.cipiopartners.com.