Chicago-based Site Technologies, an asset management and property data analytics company, raised $10M in funding to strengthen its artificial intelligence platform and global expansion plans.
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The company announced Tuesday that the Series A round was led by Prologis' investment arm, Prologis Ventures, and included tech investors Protagonist and DivcoWest Ventures.
Founded in 2016, Site Technologies uses tools including artificial intelligence, drones, satellites and manned aircraft to gather property data throughout the inspection process and boost the efficiency and accuracy of property condition analyses.
"We are really excited about how Site Technologies' platform can enhance long-term value and performance for real estate properties," Prologis Ventures Managing Director Will O'Donnell said in a press release.
O'Donnell said Site’s AI capabilities allow property owners to spot potential issues and make the bid management process more efficient.
Prologis is now expanding Site in all of its locations across the Americas and into its European portfolio. The REIT owns 1.2B SF across 19 countries.
Overall, the proptech market hasn't been performing well compared to earlier years, as startups similar to Site Technologies have been finding trouble landing investors due to high interest rates. Last year, $11B was raised in proptech funding, but so far in 2023, that number has dwindled to $4B. Weekly average proptech funding by midyear was $198M. This is significantly lower than 2022's $545M and 2021's $512M.
There have been some bright spots in funding this year, especially for AI. Real estate artificial intelligence company EliseAI raised $35M in Series C funding in June, which DivcoWest also participated in. DivcoWest also invested in insurance technology company Obie earlier this year. In July, venture capital firm Suffolk Technologies raised $110M in funding to invest in commercial real estate technology.
CLARIFICATION, SEPT. 15, 11:03 A.M. ET: This story has been updated with the information that Prologis is expanding Site in all of its locations across the Americas and into its European portfolio.
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