Greenwood Village-based Engrain recently closed a $12 million Series A funding round led by RET Ventures. The new funding will enable the real estate mapping company to continue developing its platform and launch a marketplace.
Engrain creates interactive property maps that help people navigate single-family homes and large housing establishments, like senior retirement centers or multi-floor rental complexes. The maps are built on an API framework that can be easily embedded onto property websites.
“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,” Brent Steiner, Engrain CEO, said in a statement.
Engrain was founded in 2009 and began by developing touchscreen touring solutions for multifamily and self-storage properties. According to the company, its software is used by 75 percent of the 50 largest apartment owners in the country.
Its proposed marketplace would enable users to request and share maps with one another in a more streamlined manner. Engrain will also speed up the time it takes to produce an interactive map with the new funding. The company said it plans to develop interactive maps in two weeks, as compared to the standard four weeks it takes now.
Engrain is currently hiring and has several openings listed across departments.
