Radar – Our selection of innovative businesses #94

Radar EN
Mycocyle raises $3.6 million to upcycle construction waste using fungi. British startup Infogrid raises $13 million for its solution intended to decarbonize construction. Matterport, global leader in immersive 3D digital twins, acquired by CoStar Group.

Mycocyle raises $3.6 million to upcycle construction waste using fungi

The American startup Mycocycle has just raised $3.6 million. Its aim? To use fungi, one of nature’s recyclers, to break down construction waste to create renewable raw construction materials. 

The Chicago-based company is using innovative mycelium-based approach to target the problem of construction debris. Mycelium are thread-like filaments present in the fungi which can decompose and digest a range of materials, including construction waste.

Mycocycle had a developed a patented process which uses specific strains of fungi to break down construction waste such as drywall, tires and plastic. Post-decomposition, the resulting material can be used in a range of products, such as insulation, acoustic panels and concrete additives.

This funding round (which was a seed extension) was led by Closed Loop Partners, Illinois Invent Fund, Telus Pollinator Fund for Good and U.S. Venture, bringing the total amount raised to $5.8 million since the startup was founded in 2018. Mycocycle intends to use the funds to continue its R&D efforts, especially in the rubber tire processing part of the business, a market which is the most promising. The company is looking to bring in $1 million in revenue by the end of the year.

British startup Infogrid raises $13 million for its solution intended to decarbonize construction

Infogrid has just secured $13 million in funding. A former member of Leonard’s catalyst program in 2021, the startup specializes in AI-powered solutions for buildings, with an aim to reduce the construction industry’s impact on the environment. 

Infogrid’s platform provides real estate owners and occupants with artificial intelligence-based tools based to help them reduce their carbon footprint, apply new environmental regulations and communicate and inform others of their green actions. Infogrid’s solution helps landlords identify and address energy inefficiencies in their buildings and to comply with sustainability reporting mandates.

This new funding round (which was a Series B extension) was co-led by Keyframe Capital and A/O, with participation from Northzone and The Venture Collective. The company intends to use the funds to accelerate its growth. Its clients include major names such as Hilton Worldwide, Bridge Commercial Real Estate and Invesco. 

Matterport, global leader in immersive 3D digital twins, acquired by CoStar Group

In April 2024, CoStar Group, a leading provider of data and analytics for real estate markets, announced its acquisition of California-based 3D data capture specialist Matterport for $1.6 billion. This transaction aims to accelerate the development and deployment of Matterport’s digital twin and AI technology.

Since it was founded in 2011, Matterport has established itself as a major leader in 3D capture technology in the real estate sector. The startup creates 3D cameras for virtual tours of properties, with integrated software that allows users to download and visualize a property that has been captured and scanned. 

CoStar Group was one of the first adopters of Matterport’s technology: the group already offers 3D virtual tours on several of its websites, including Apartments.com, LoopNet, CoStar and Homes.com. In Europe, Matterport has secured strategic partnerships with companies like Meero, Orpi and Nodalview. 

Over the years, the company – which has around 440 employees – has curated the largest collection of spatial property data worldwide, with more than 12 million spaces captured in 177 countries, representing 3.53 billion square meters of digital property. In 2023, it recorded a turnover of $158 million.

CoStar Group now plans to invest in R&D to further develop Matterport’s special technology, including using generative AI to design and reimagine physical spaces.

There’s more…

HyLight raises €3.7 million to reduce costs and decarbonize aerial inspection of power lines, pipelines and other energy infrastructure – Read more on Maddyness

Microsoft, NVIDIA and Softbank invest more than $1 billion in Wayne, a startup which develops AI for autonomous vehicles – Read more on Tech.eu

Ethiopian startup Kubik raises an additional $1.9 million to develop bricks made from recycled plastic – Read more on Techcrunch

French real estate data management startup Stonal raises almost €100 million – Read more on Les Echos

Share this article on