NEW YORK & SINGAPORE--(BUSINESS WIRE)--#CRE--Pupil, a spatial data company that has created an ecosystem to digitally map the built world, today announced it has entered a strategic agreement with Cushman & Wakefield (NYSE: CWK), one of the world’s largest real estate services firms. Cushman & Wakefield will use Pupil globally to improve speed and accuracy of digital measurements and produce digital floor plans and digital twins of properties.
Founded by James D. Marshall and Oliver Breach, Pupil has created next generation technology through a five-year R&D programme. The business has raised $45 million to date, with a focus on strategic investors and partners to aid its rapid international growth. As part of a global master services agreement, Cushman & Wakefield has also made an investment in Pupil.
Through its products, Spec and Stak, Pupil combines proprietary artificial intelligence (AI) and industrial-grade Light Detection and Ranging (LiDAR) scanning hardware to capture millions of points of measurement to document commercial and residential real estate and produce next generation digital twins of the spaces. Spec and Stak property captures are carried out by Pupil’s industry-first workforce of RICS Certified Digital Surveyors.
Cushman & Wakefield’s professionals will use Stak to deliver value to clients by combining digital assets, rapid capture times and high-speed delivery to turn buildings into software, with floor plans, photography, CAD drawings, lease plans, site information drawings and digital twins.
James Maddock, Head of Occupier Services, EMEA at Cushman & Wakefield, said: “The power of this accurate and smart data capture tool has been used by our teams with great success. Stak is a gamechanger for data accuracy, usability and fast output. Looking ahead, we’re excited to scale this solution more broadly across our business to empower our professionals to serve more of our clients.”
Through Spec and Stak Verified, its registered trademarks, Pupil has recently developed the capability to create and sell verified NFTs of properties it captures. This verification provides an accuracy guarantee, enabling buyers to acquire a hyper accurate digital NFT of their physical asset. This is an area that it will explore with Cushman & Wakefield as the relationship deepens.
James D. Marshall, Founder and CEO of Pupil, said: “We identified the key 68 cities for Pupil to expand its products into at an early stage. Executing on that growth requires working with businesses of the international reach and scale of Cushman & Wakefield. They have bought into our vision and we could not be more delighted to have them on board as we break new ground in real estate markets around the world.”
Oliver Breach, Founder and Chairman, said: “This is a significant milestone in Pupil’s development, securing strategic investment from a truly global partner. Our work with Cushman & Wakefield to date has been mutually beneficial and we are excited by the opportunity to engage with them on a global scale to add value across their business.”
Pupil is a spatial data company that has created an ecosystem to digitally map the built world, taking physical offline buildings and digitising them. Its game-changing AI and proprietary software tools coupled with best-in-class hardware delivers incredible accuracy at unprecedented speed, challenging the outdated practises still widely used in real estate markets worldwide.
Pupil is bringing trust, transparency, accuracy and efficiency to global real estate by setting a universal spatial data standard that benefits all market participants.
Pupil’s residential product, Spec, has recently won the Newcomer Award – Residential at the 2021 RESI Awards.
For more visit: www.pupil.co/
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman & Wakefield
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