Trendspek to go global

Trendspek to go global

Australian real asset modelling innovator, Trendspek, has announced the successful completion of its series A round, raising $6.3 million, led by investment house Taronga Ventures.

Trendspek’s Precision Asset Intelligence (PAI) software, provides asset management tools for the property, energy and infrastructure sectors, including the creation of 3D digital models of real assets.

CEO Derek Feebrey said Trendspek was working with asset owners to provide certainty and control in a challenging environment.

“The problem of deteriorating infrastructure – and the increased risks and cost of managing these assets – is one that is felt globally, and the driver behind a digital twin market tipped to reach over $US73 billion by 2027,” he said. 

Trendspek first launched its PAI software in 2019, complete with interactive 3D models featuring detail down to 1mm. 

The platform is ISO27001 security certified and enables in-model annotation, markup and measurement, dynamic reporting and real-time collaboration between stakeholders anywhere in the world. 

Reports are delivered through global partners from leading brands in facilities management, engineering and insurance, to help owners optimise the way they prioritise and mitigate asset risk.

In addition to new investor Taronga Ventures, Trendspek welcomed strategic investment from the venture arm of Australia’s largest insurer, IAG, confirming its growing importance as a critical tool in risk management for real asset owners.

“We have incredibly strong alignment with both of these investors,” Mr Feebrey said. 

“Like Trendspek, Taronga Ventures prioritises a robust ESG approach to support its partners across different real asset sectors. Through early introductions to their partners, such as PGIM Real Estate and CBRE, Trendspek has been able to successfully deliver projects and build major customer relationships.”

Mr Feebrey said proceeds of the raise would be used to grow the Trendspek team to accelerate product development, expand its global reach and continue to offer a high-level of expert support to customers. 

Taronga Ventures co-founder and managing partner Jonathan Hannam said they had followed Trendspek for some time, as an early participant in the RealTechX innovation program.

“We are delighted to see the rapid growth of the company, especially with so many of our institutional partners now utilising their product,” Mr Hannam said.

“In addition to asset management, we are also seeing groups like PGIM Real Estate use Trendspek as a part of their due diligence process for new acquisitions. 

“Trendspek is changing how asset owners approach risk assessment and asset management, and we are pleased to support the team to make Precision Asset Intelligence a core component across global assets.”

IAG Firemark Ventures general partner Scott Gunther said the technology and business opportunity that Trendspek’s PAI software provided was very exciting.

“Trendspek were part of our most recent Firemark Accelerator Program in early 2022, which helped identify how we could work together to transform how we deliver insurance by giving property infrastructure owners deeper understanding of asset risk,” Mr Gunther said.

“We believe that our investment in Trendspek, alongside our other key investments in the computer vision and imagery space, will provide better risk assessments, enable proactive and targeted maintenance, and improve the claims experience for IAG’s commercial customers”.