PlanRadar was born out of a need to simplify the challenges faced by the construction industry by way of digital solutions.
The Vienna-based property technology start-up, which has operations in the Middle East, offers a full-service construction and real estate management platform.
Founded in 2013, PlanRadar is a platform and device-independent cloud-based Software as a Service (SaaS) field management solution for documentation and communication in construction and property projects. It can be used for fault and task management, maintenance, building inspections, construction documentation, handovers and more.
It simplifies the tracking, planning and documentation of approvals, ensuring a tamper-proof audit trail and a comprehensive record of all project sign-offs.
Teams can share digital floor plans or building information modelling (BIM), communicate and track any kind of information using a web application or an app, the company says.
By digitising workflows, PlanRadar says it reduces the frequency of errors, saves time for all parties involved and enables vast increases in efficiency. It claims customers report saving up to seven working hours a week.
“With PlanRadar, we bridge the gap between traditional construction practices and the digital era, enabling professionals to embrace innovation and achieve greater efficiency,” says Ibrahim Imam, co-founder and group co-chief executive at PlanRadar.
“By leveraging technology and data, we want to empower construction companies to make informed decisions and efficiently manage their projects at any stage of the build lifecycle.”
The PlanRadar platform is also customisable and scalable, catering to small businesses and large enterprises. The company’s product development team continuously updates its software, says Mr Imam, 44, who is also the chief executive of PlanRadar's Mena and Asia Pacific regions.
“Our goal is to help ensure exceptional build quality, minimise potential defects and rework, and deliver high-quality projects within timeframes and budgets,” he says.
The company’s ultimate goal, however, is to “revolutionise the construction industry by providing a comprehensive solution that addresses the challenges of projects of all sizes and complexity levels”.
With operations in 70 markets, serving more than 120,000 customers worldwide, PlanRadar operates on a SaaS subscription model, generating revenue through fees.
The company also recently opened new offices in Asia-Pacific, North America and South America and the GCC, says Mr Imam.
“Our platform is currently available in 20 languages, ensuring accessibility for a wide range of users,” he says.
PropTech is the application of technology into the real estate industry, creating an ecosystem that encompasses anything from property management and bookings to construction and analytics, largely accessible through a mobile app.
The global PropTech market is projected to surpass $133 billion in 2032, from an estimated $35 billion in 2023, growing at a compound annual rate of 16 per cent, the latest data from Precedence Research shows.
The Middle East and Africa markets are expected to witness a significant increase in the number of construction projects over the next decade, according to the consultancy. There is a higher demand for technological advancement in real estate which propels the demand for the PropTech market, it says.
Adoption of PropTech is high, as it is projected to remain at the forefront of property management in the post-Covid era, given the convenience it has provided to the business, according to Future Market Insights. The consultancy projects the market to expand significantly, at a compound annual growth rate of 9.3 per cent during the 2023 to 2033 period.
PlanRadar has secured a total of $103 million in funding through three rounds so far, according to Mr Imam.
The most recent funding round, a series B, which was co-led by Insight Partners and Quadrille Capital, “raised an impressive $69 million”, he says.
“These funds are strategically allocated towards advancing our international expansion efforts and driving technological development,” says Mr Imam, who also founded two other companies during his studies at the Vienna University of Technology.
“Our relentless pursuit of growth has allowed us to expand regionally and globally over the last decade.
“Initially starting in Vienna and successfully launching our platform across the EU region, we are continuously seeking fresh opportunities for sustainable business growth to bring our platform to construction and real estate projects worldwide,” he says.
The company’s clientele in the Mena region includes prominent developers, construction firms and project management companies.
Among PlanRadar’s most notable collaborations in the UAE was during Expo 2020 Dubai, where its platform was utilised extensively across several pavilions during the six-month trade exhibition, says Mr Imam.
The company's solution helped one of their customers – BeWunder, which specialises in delivering large-scale and complex projects – in addressing their challenges in streamlining AVL Systems’ installations at Expo.
With PlanRadar, BeWunder was able to streamline communication between team members and track progress in real-time, the company’s representative said.
Its features such as task management, progress reporting, automated notifications and collaboration features were some of the key factors that made BeWunder opt for PlanRadar.
The intuitive user interface ensured a quick roll-out in the project team and helped to avoid long training periods, the representative said.
Q&A with Ibrahim Imam, co-founder and group co-chief executive, PlanRadar
Where do you want to be in five years?
In the past five years, PlanRadar has become a significant player in global construction and real estate market. Our vision for the future is ambitious, and we are highly confident in achieving it.
Our goal for the next five years is to establish PlanRadar as the leading digital platform for construction and real estate worldwide. With our innovative and user-friendly solution, we aim to support projects of all sizes and be a vital part of the industry's digital transformation.
If you could do it all differently, what would you change?
We firmly believe that every single aspect of PlanRadar's journey, from its humble beginnings to its current success, has played a significant and transformative role.
Through thoughtful reflection on our personal experiences, we have come to truly value every step, achievement, and obstacle as opportunities for profound growth. We wholeheartedly embrace our journey, understanding that it's not just about reaching the destination, but also about the continuous process of learning and adapting along the way.
What new skills have you learnt since launching your start-up?
The journey of launching and growing PlanRadar has been a valuable experience of continuous learning, and it has definitely highlighted the significance of resilience, agility and a customer-centric approach. Along this journey, we have acquired and refined essential skills such as strategic leadership, navigating complex industry landscapes, and fostering a culture of innovation within our talented team.
What other successful start-up do you wish you had started?
Although I appreciate the possibilities for different successful start-ups over the years, I strongly believe in the distinctive path and impact of PlanRadar. Given the opportunity, I would choose to embark on this journey again and continue to guide PlanRadar towards its current trajectory.
Who is your role model?
My role model is a blend of outstanding leaders, innovators and resilient individuals who have profoundly impacted their respective industries. They have fearlessly forged new paths, remained steadfast in their visions, and empowered others. I am inspired by their courage, unwavering commitment, and capacity to drive positive change.
What is your next big dream to make it happen?
As we continue on our journey, we envision PlanRadar being adopted as a go-to tool for construction and real estate management teams across the world. Our mission is to facilitate seamless collaboration between different stakeholders involved in a project, to streamline communication and increase transparency. We are determined to continue empowering professionals in these industries to work smarter, faster and more efficiently, breaking traditional barriers and pushing the boundaries of what is possible.
Any plans of an IPO?
At present, we're focused on solidifying our position in the market, expanding our global reach and delivering value to our clients. If an initial public offering aligns with our strategic goals in the future, it's something we might consider.
