A construction technology company based in Seattle and London Modular It raised $11.5 million in a Serie A funding round announced on Monday.
The organization said the funding will further help the development of physical and digital technologies. Major contributors to this round of funding are included. SFVThe venture arm of the German real estate developer Patricia; Regal LondonA UK-based real estate developer; CEMEX VenturesThe venture arm of the construction giant CEMEX; Blackhorn Ventures (US); GroundBreak Ventures (Canada); Goldaker (UK); And Lila Capital (UK)
In the year Founded in London in 2018, Modulus uses a software platform it calls “module suite” to automate the design, costing and programming of modular multifamily building projects. Modulus software generates design and massing for a construction site based on the company’s physical “kit of parts,” including 3D visualizations and cost plans, giving developers real-time insight into return-on-investment calculations.
“The five co-founders, we all have experience in construction, and we were all working together in 2017 and we lost five big projects that took half a year’s work in one week and we knew we couldn’t continue the way we were doing things,” said Chris Boone, the company’s CEO. “So we decided to digitize ourselves. We had no idea what we meant by that, but we know that all industries are digitizing themselves, but for some reason construction seems to be lagging behind the way things are done.
Module works with supply chain partners, which includes American Gypsum And Hilti, to create the kits. The company says its partners are focused on reducing the number of parts needed to manufacture kit materials. This approach made it possible to measure and calculate the actual carbon content of the project and ensure the use of non-toxic, non-toxic materials.
Kits include items such as floor panels, wall panels, ceiling panels and wet walls that can be assembled to form a module. Bone says it takes five people three hours to assemble one module. Assembled modules are brought to the construction site, where the interior is finished and the exterior is added.
In addition, the firm claims that its platform and manufacturing method enables 50% faster project delivery, 60% integrated carbon reduction and 70% reduction in construction waste.
“If you’ve put together a Meccano toy set, you know how much harder and more time-consuming it is to build one of the Lego sets,” Bones said. “Mecano is like a traditional construction method and Lego is a modular construction method.”
