Commercial real estate tech startup Truss just raised a new round of funding to help small companies use technology to find office space.
Truss announced Wednesday that it has raised a $7.7 million series A, bringing its total funding to more than $9 million since it launched in 2016. The round was led by Navitas Capital, with participation from Hyde Park Angels, Hyde Park Venture Partners, and others.
Co-founded by Andrew Bokor, who previously founded cybersecurity company Trustwave and sold it for $770 million, Truss is a tech-enabled brokerage that allows companies to handle all of the aspects of the office search from one platform. Businesses can search for spaces, virtually tour the inside, negotiate price and sign lease documents all on Truss' site.
But Truss goes further than simply digitizing commercial real estate transactions. The startup uses machine learning and data science to help find properties that best fit a business’s needs, and it uses artificial intelligence to help advise clients on the fair market price for a space.
Truss also recently announced a partnership with virtual reality company Matterport to offer real estate tours in VR.
The startup, which is live in Chicago and Dallas, works mostly with companies needing space under 10,000 square feet.
“Efficiency hasn’t yet been addressed in the commercial real estate industry,” Peter Wilkins, managing director of Hyde Park Angels, said in a statement. “CRE is now ripe for disruption. Given the overall economics and the team’s previous success, we believe Truss is in a great position to drive market adoption and traction.”
Truss said it will use the new funding for market expansion and product development.
