Property technology (proptech) startup Spacewalk announced that it raised 8 billion won ($6.85 million) in a recent Series A funding round participated by KB Investment and Stonebridge Ventures and other strategic investors. The latest capital injection added with the initial 2.2 billion won ($1.88 million) investment gives the company a 10.2 billion won ($8.73 million) boost.
The round led by KB Investment and Stonebridge Ventures were joined by early investors such as Crevis Partners and Terra Funding, and new investors such as Stick Ventures.
Spacewalk introduced and commercialized AI architecture design technology and launched the AI-based real estate solution Landbook in 2018. The service derives optimal development plans for small real estate, finding candidates for development projects, and review their feasibility.
This year, the company will develop Landbook as a software-as-a-service (SaaS), allowing more users to access advisory services in real-time. The land purchase advisory service will help select the best property through artificial intelligence.
Last year, Spacewalk signed a business agreement with NH Nonghyup Bank and Woori Bank’s WM Department. The company also provided service to corporations such as RPM brokerage and Terra Funding.
Last year, the local proptech market grew significantly, and Spacewalk launched a new service and attracted a wide range of customers. The latest AI technologies, such as deep learning, also rapidly advanced the real estate solution.
The novelty and convenience of Landbook have attracted many people and companies, including five state-run house and land development firms, such as government-owned Seoul Housing & Communities Corp and Korea Land and Housing Corp.
Spacewalk plans to accelerate service expansion with the new capital injection. Cho Sung-hyeon, CEO of Spacewalk, said that in 90 percent of the land in Seoul with buildings are less than 200 pyeong (660 square meters) and are often difficult to develop without the help of industry experts. According to the CEO, the company will do its best to improve its services through AI to better help users.
