Israeli Generative AI startup, qbiq, has closed a $10 million seed funding round led by JLL Spark Global Ventures. Participating investors in the round include 10D, Ocean Azul Partners, Random Forest VC and M-Fund Club. qbiq’s Generative AI instantly unlocks the potential of any space and accelerates decision making in real estate planning and visualization. The new funding will support qbiq’s rapid growth and deepen its market presence in the US.
Real estate transactions rely on space planning decisions that are based on questions of fit, cost, and ROI optimization. This inherently creates the need for a quick turnaround time and high-scale architectural planning capabilities that can enable fast, space-driven business decisions. However, architectural planning is a cumbersome process that’s remained stagnant since the introduction of AutoDesk. Architects need to apply specific requirements within a given space and provide the best potential layout alternatives. They consider best practices, building constraints and local regulations, while striving to optimize for cost, utilization, and efficiency. To this day, architects try to solve these complex combinatorial geometrical problems by drawing space plans line-by-line, using tools like AutoCAD.
qbiq’s Generative AI and visualization platform delivers the most advanced technology for space design and optimization in the real estate industry. What used to take weeks can now be accomplished in a matter of minutes. The platform allows its users to input any space layout and design requirements and receive a full planning package with multiple optimized layouts and 3D visualizations. With qbiq, brokers, landlords, and architects can immediately tailor any space to any potential tenant, no matter the requirements. Tenants can make decisions more efficiently and brokers can close deals faster. Landlords can also save money from reduced vacancy due to shorter deal cycles, and architects can boost their planning capacity.
“In an industry where the last significant technological leap happened over 30 years ago, we’re long overdue for the next one,” said Leeor Solnik, CEO and co-founder of qbiq. “We’re excited to bring one of the most cutting edge Generative AI technologies to the real estate industry for the first time. Since launching last year, our users have already experienced a significant boost in deal cycles and deal closing rates. Together with our strategic investors, we look forward to paving the way to real industry transformation.”
The Generative AI startup platform is based on multiple layers of technology. It includes an AI layer that’s loaded with vast amounts of architectural planning data and best practices, as well as geometrical optimization engines, parallel cloud computing and a regulation layer. Once users submit their preferences on qbiq’s platform, the AI engines generate thousands of different alternatives and compares the results within seconds. When the optimal alternative is finalized, the platform automatically produces high-resolution 3D virtual tours.
“qbiq’s AI-based platform enables our deep bench of global real estate advisors to provide exemplary client service with innovative software tools that accelerate transaction time across multiple JLL business lines,” added Raj Singh, Managing Partner of JLL Spark. “Not only do we expect to increase our volume and closure rates with qbiq’s solution, but our partnership will contribute to their Large Language Model with the sheer amount of data available at JLL.”
To date, the Generative AI startup has already delivered over 150 million square feet of AI-designed office space layouts to hundreds of users globally. This includes some of the biggest names in the industry such as JLL, CBRE, Colliers International, Cresa, Perkins & Will, AECOM, and Avison Young. Demand for planning has been tripling every few weeks and the number of users of qbiq’s platform has quadrupled since the beginning of 2023.
“qbiq enables us to produce test fits in 24-48 hours instead of one to two weeks, facilitating quicker decision-making and reducing costs for our team,” commented Luigi Sciabarrasi, AECOM Senior Vice President of Global Real Estate. “It’s the most effective technology we’ve experienced for rapidly generating space plan scenarios.”