German Startup Syte Raises Seed Funding for its AI-powered Data Platform

syte, the winner of the German AI Award 2023 in the ‘Start-up’ category, has successfully raised around 5 million euros in a seed round. The fresh capital will support syte in its mission to digitalise and decarbonise the real estate industry through an AI-based data platform and B2B SaaS.

The financing round was led by the companies of the Schwarz Group. The two other new investors, investment company Vantage Value and CVC vent.io, as well as existing investors High-Tech Gründerfonds (HTGF), PropTech serial founder Moritz Luck and property entrepreneur Fabian Axthelm also participated in the financing round.

With the three new investors, syte has gained further strong partners providing different added benefits. The Schwarz Group companies contribute their extensive expertise as one of Europe’s largest retail groups and major property companies. Vantage Value brings extensive experience in the property sector and in building technology companies. vent.io, the digital innovation unit of the Deutsche Leasing Group within the Sparkassen-Finanzgruppe, supports syte with its in-depth understanding of and access to target customers.

‘We are extremely proud to have the Schwarz Group companies and other new investors as strong partners at our side,’ says David Nellessen, founder and CTO of syte. ‘This investment is a vote of confidence in our vision and technology. With their support, we can further expand our innovative strength in the field of artificial intelligence and reach more companies in the property industry.’

Based on AI and in real time, syte already offers banks, estate agents, project developers, planners and authorities all the data and potential for any property – from property searches, construction potential and project calculations to energy and photovoltaic potential. The focus of the previous product is on the holistic digitalisation of the real estate sector at an early planning stage.

The new product “syte Renovate” revolutionises renovation planning by calculating the optimal scenarios for each property without the need for time-consuming data input by the user. Pre-selected renovation measures can be modified to meet specific requirements, while cost restrictions, information on subsidies and savings as well as assessments of energy efficiency contributions help users to make optimal decisions. Sustainability thus becomes a relevant component in investment decisions. syte also makes it possible to create refurbishment roadmaps for entire property portfolios and to search for properties across Germany that can be refurbished particularly economically.

In addition to the investor funds, syte secured 800,000 euros for the ‘ENERsyte’ project as part of the ‘Grüne Gründungen.NRW’ funding competition. This project is developing comprehensive digital decision support for municipal heating planning. The aim is to reduce the process duration by up to six months. This involves developing as accurate a picture as possible of all existing buildings in Germany in order to determine the best possible energy requirements today and in the future. In addition to syte, the Münster University of Applied Sciences and RWTH Aachen University are also involved in the project

‘We are delighted with the trust placed in syte by our new and existing investors,’ says Matthias Zühlke, founder and CEO of syte. ‘Their market expertise, their industry network and their investment will enable us to significantly expand our development and sales structures. This will accelerate our growth and create even greater added value through product enhancements such as ‘syte Renovate’ for our customers as the first point of contact for all information relating to properties and buildings.’

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