Grosvenor’s UK property business has invested in Pupil, a spatial data company that has created an ecosystem to digitally map the built world.
Pupil’s products, Spec and Stak, combine artificial intelligence, industrial-grade light detection and ranging scanning hardware to capture millions of points of measurement to document commercial and residential properties and produce next generation digital twins of the spaces. Spec and Stak property captures are undertaken by Pupil’s industry-first workforce of RICS Certified Digital Surveyors.
Grosvenor will support Pupil’s future growth and ongoing product development. The business is entering into a strategic partnership with Pupil to create a digital footprint of a significant portion of its portfolio, including floor plans, photography, CAD drawings, lease plans, site information drawings and 3D models.
With offices in four city hubs: London, New York, Dubai and Singapore, Pupil’s products have scanned over 45 million sq ft of real estate with a combined value of over $50 billion since launch. Having developed and refined a rapidly scalable business model, this is the first phase of the company’s strategic expansion into 68 of the world’s most influential real estate markets.
Andy Doyle, Innovation Director, Grosvenor Property UK commented:
“With a highly-regarded and scalable model Pupil is set to become the dominant spatial data company in the property industry. As a customer and investor, we’ve been impressed by the accuracy, speed and quality of the output from Pupil’s technology and how it can help us improve data driven decision making and property marketing for our own portfolio.”
James D. Marshall and Oliver Breach, Founders of Pupil, added:
“We are very excited to be welcoming such an established business as a strategic investor and valued customer. With such a diverse portfolio that is already reaping the benefits from Pupil’s technology, the partnership with Grosvenor is an ideal fit and will support our continued growth and product development. We look forward to digitising Grosvenor’s portfolio to streamline its operations, delivering even greater efficiency and sustainability.”
In June, Grosvenor announced its UK property business had established anAlternative Investment team and allocated £65 million to be deployed into European early-stage companies capable of accelerating the attainment of its ambitious environmental, social and commercial goals alongside wider opportunities including areas such as renewable energy generation.
GPUK whose assets include a major property portfolio in London’s Mayfair and Belgravia, leading retail and entertainment destination LiverpoolONE and a growing regional office portfolio primarily invests in businesses that are already (or soon to be) operational in the UK and raising capital atSeed to Series A stages. Beyond early-stage companies, GPUK will also selectively participate in venture capital funds which offer the opportunity to significantly accelerate market access and learning.
By leveraging its network, expertise and substantial portfolio, Grosvenor can support product development from a customer’s perspective and accelerate revenue growth.
The team’s first investment, into Demand Logic, a technology platform which helps building owners and occupiers reduce energy consumption and cost, improve occupant wellbeing and increase maintenance effectiveness is already being deployed across its portfolio.