Engrain, a Denver, CO-based provider of interactive mapping technology and data visualization software for the built environment, announced that it raised $12 million in Series A funding led by RET Ventures to drive platform enhancements across the company's suite of technology offerings.
The funds will be used to invest in a wide range of platform improvements, including an innovative marketplace with automated processes around license management and sharing property maps with vendors.
Engrain will also add pathfinding capabilities for visitors to navigate the most efficient paths around the property and surrounding community — a valuable tool for prospective residents, delivery personnel, contractors, and maintenance.
This Series A funding will enable Engrain to enhance the value it offers to owners and operators of regional and middle-market properties of any size.
"The multifamily technology landscape is undergoing a long overdue phase shift. We're moving toward a world in which the leasing process involves unit-level search across multiple properties, regardless of the staffing or touring scenario. At the same time, AI and machine learning applications are beginning to take shape, and the industry needs a map for people and machines to see what's happening on site," said Engrain CEO Brent Steiner. "Following several years of growth, we're looking forward to delivering a series of automated upgrades that improve our software's operation and efficiency to elevate the user experience. At the core of Engrain's ethos is an emphasis on creating convenient and accessible experiences to everyone who walks onto a property, and we're eager to continue modernizing and refining our platform to achieve this goal."
The company's product lines include TouchTour®, Asset Intelligence, and its flagship product, SightMap®, an interactive, content-rich property map that embeds seamlessly into property websites to enable renters to select their specific apartments. All products leverage Engrain's Unit Map® technology, an open map API allowing any software application to use property maps to display unit-level data.
Using Engrain's Maps-as-a-Service SDK and API library, the company has established integrations with an impressive ecosystem of dozens of tech platforms, including all major ILS, self-touring, and property management platforms. Engrain's new, automated map marketplace will allow users to request and share maps directly with one another.
Company: Engrain Technology, Inc.
Raised: $12.0M
Round: Series A
Funding Month: March 2023
Lead Investors: RET Ventures
Additional Investors:
Company Website: https://engrain.com/
Software Category: Property Touring and Mapping
About the Company: Engrain is a software company that provides real estate companies with screen kiosks, interactive mapping, and data visualization products. The company offers solutions for any real-estate technology stack through advanced integrations and technical flexibility. Engrain products are used by customers to engage prospects and residents, analyze and improve operational performance, and increase NOI through operational efficiency. Engrain's proptech software and touchscreen touring solutions have been adopted by 8,000 multifamily and 3,000 self-storage properties totaling over 5 million units since the company's inception in 2009, and Engrain is used by 75% of the country's 50 largest apartment owners. The company is on a mission to fundamentally transform the way people find, lease, and manage property.
Source: https://www.prnewswire.com/news-releases/engrain-raises-12-million-in-series-a-funding-led-by-ret-ventures-to-drive-platform-improvements-for-property-mapping-tech-301774237.html