Syte, a Munster, Germany-based AI engine that discovers real estate development potential in real-time, raised €2.6 million in funding.
It brings Syte one step closer to its ambitious goal of using AI to analyze properties across the country for their economic and environmental potential and make them available to users in a digital register.
The round saw the participation of High-Tech Gründerfonds (HTGF) and four other investors from the real estate industry.
The new funding allows the team to improve the AI tools and scale the business model to make property data from other federal states, such as Berlin and Brandenburg, available.
"We are pleased to receive the support of the High-Tech Gründerfonds," says Matthias Zühlke, CEO of Syte. "For us, the seed financing is both confirmation and an incentive. We regard the revolutionary approach of using artificial intelligence to predict the development potential of properties as our contribution to sustainable urban development."
Company: System GmbH
Raised: €2.6M
Round: Seed Round
Funding Month: September 2022
Lead Investors: High-Tech Gründerfonds (HTGF)
Additional Investors:
Company Website: https://www.syte.ms/
Software Category: AI engine
About the Company: Founded in 2021 by the architect Matthias Zühlke and the mathematician David Nellessen. Syte is an AI engine that discovers real-estate development potentials in real time. The start-up syte uses AI-based technology to provide quick access to information about real estate, its value, and sustainability factors for everyone involved in real estate and its development, from project developers and brokers to architects and municipalities. The company's goal is to create a potential digital map for Germany and Europe. Syte helps real estate developers to discover potential at lightning speed with the help of AI.
Source: https://www.syte.ms/blog-posts/saas-start-up-syte-schliesst-neue-seed-finanzierung-fur-grundstucksanalysen-in-echtzeit-ab