Cerulean Labs, a New Zealand startup with a sketch-based conceptual design tool for architects, is moving its headquarters to Atlanta. The announcement comes after the early-stage startup landed a seed investment round led by Atlanta-based Shadow Ventures.
Shadow Ventures is known as a venture firm focused on using tech to transform the built environment (think architecture, landscape, urban planning, and the like). KP Reddy, Shadow Ventures’ Founder and CEO, told Hypepotamus that while specific numbers about funding and hiring plans will not be disclosed at this time, Atlanta will serve as the “beachhead” for Cerulean and the team will be “hiring sales and marketing resources in Atlanta.”
The move will be about “developing and commercializing” the startup’s iPad-based design tool, Spaces, according to a press statement by Cerulean Labs.
“It’s been a long process to get to this point, but I am thrilled to have Shadow Ventures lead our Series Seed round,” said founder of Cerulean Labs Campbell Yule in a statement. “For a start-up like Cerulean Labs, it was essential to find an investor who understands our market. I have been impressed from day one by the entire Shadow Ventures team and I’m excited about partnering with them in 2023.”
Reddy added that “unlike many VCs that prioritize warm introductions, we prioritize meritocracy. Like most of our portfolio, [Cerulean Labs] first met us by applying via our website. From first meeting to close, we generally take 12 weeks on average. This deal was slightly longer due to some of the holiday slow down at the end of the year.”
The Local Built Environment Tech Scene
Shadow Ventures makes investments around the globe, but has Southeast companies like PropTech startups Ecobot, Kairos, and Green Badger in its current portfolio.
Cerulean Labs’ move to Atlanta comes as the Southeast has seen more momentum in the overall PropTech, ConstructionTech, and built environment tech scene recently. Some of the bigger headlines over the last two years include Louisiana’s Levelset being acquired for $500 million, Nashville’s Built Technology closing a $88 million funding round, and Atlanta’s cove.tool securing a $30 million Series B.
That momentum could mean more opportunities for startups like Cerulean Labs.
“While residential construction has slowed, commercial construction is still growing. With talent shortages and supply chain challenges, the industry continues to seek innovation to execute on record project backlogs,” added Reddy
Credit: Source link