Findable, an Oslo-based SaaS platform that automates document workflows using AI and machine learning, announced on Tuesday that it has secured €2M in a Seed round of funding. The funding round was led by KOMPAS (also invested in Modulize), with participation from Construct Venture and Malling & Co Venture.
The funding round will enable Findable to scale its product and grow its customer base as it plans for international expansion across the built environment.
Fredrik Halmøy Wisløff, CEO at Findable says, “Building documentation, its organisation, and storage, is quite frankly a tedious task. Even today it’s still a largely manual process involving stacks of paper and piles of ring binders. Similar to the software that automatically sorts photo albums using face recognition, our technology quickly identifies the key data and makes it easier for relevant parties to access the information that matters. Digitising and automating building documentation is the only way to streamline this laborious but critical aspect of building management.”
What does Findable solve?
Building documentation is the building’s instruction manual. A huge information related to anything from room the construction history and contractor details to maintenance information on HVAC units, pipes, electricals, and fire safety is stored.
For safety, building owners are legally required to keep the documentation in order. In fact, documentation is important to ensure correct use, service, maintenance, rehabilitation, and due diligence in transactions.
Poorly organised documentation can result in additional costs for building owners by as much as €2 per square metre every year. Here’s where Findable comes into play.
Founded by Fredrik Halmøy Wisløff, Lars Aurdal, Sondre Malde Pedersen, Knut Hellan, and Linn Kristin Stokvik, Findable digitises building documentation, using AI to automatically categorise documents and allows users to locate specific information via a search function.
The software can analyse headlines, pictures, and drawings, and quickly conclude what the document shows and how it should be organised.
The platform reduces the time-consuming and manual process of managing complex documents, enabling construction companies and facility managers to streamline the process.
KOMPAS is an early-stage VC firm that supports the creation of a more sustainable economy by backing innovative engineering solutions that dramatically reduce waste and CO2 emissions.
Sebastian Peck, Partner at KOMPAS says, “The facilities management sector in Europe is a massive market undergoing its digital transformation. The construction industry, property developers, and facility managers all require digital solutions to meet complex regulatory and sustainability requirements. Findable’s solution provides easy access to the right building documentation, supporting workflow automation, and thereby removing a major bottleneck. We are excited to back the terrific team at Findable.”