Businesses seeking to lease office space under 10,000 square feet now have at their fingertips a commercial real estate tech platform that optimizes their search time, while yielding the best options available in their local markets. The platform, launched by Truss, uses machine learning and data science to identify the most desirable space, giving users previews of spaces online, validating market rates with insider information, and providing them with total cost comparisons.
Truss’ mobile and web platform leverages Matterport’s 3D and Virtual Reality technology that constructs digital recreations of actual office spaces for prospective lessees to view.
Following successful launches in Dallas and Chicago, the company recently closed a Series A round totaling $7.7 million, led by Navitas Capital. Funds will be used for further market expansion and product development intended to enhance user experience of their tech platform.
Co-founder and Managing Partner for Navitas Capital, James Pettit, is joining the Board of Directors for Truss, following the successful round. Pettit described Truss’ potential in a recent press release, saying how, “There is a huge unmet need to help streamline the leasing process for small tenants and landlords. Therein lies the opportunity for Truss, which is uniquely positioned to provide content, context, and transparency – leveraging a technology-based listing and brokerage platform.”
Other investors include Hyde Park Venture, who are reinvesting after the initial seed round, with a board seat going to Chairman of Kirkland & Ellis Jeffery Hammes, with a board observer role taken by COO and Executive Director of Jenner & Block Meredith Mendes.