Realvision, a start-up with offices in Minneapolis and Toronto, has raised $1.3 million in seed funding to ramp up marketing and development of its platform that helps real estate agents use cutting-edge technology to show off their properties.
Its platform includes interactive 3-D tours with a virtual reality component, an auto-generated floor plan and unlimited still photographs.
Dundee Venture Capital, an Omaha-based firm that recently expanded to Minneapolis, led the investment round. Other participants included Edina-based Brightstone Venture Capital and Minneapolis-based Loup Ventures, as well as Sandalphon Capital, Bridge Investment Group and 701 Angel Fund.
"Making the real world consumable in VR is a complex but valuable task," Loup Ventures, the venture capital firm recently launched by longtime technology analyst Gene Munster, wrote in an announcement. "We look forward to working with Realvision to change the way we buy real estate."
Founded in 2013, Realvision has about 16 employees, including six who work at its south Minneapolis office. Bryn Erickson, the firm's Minneapolis-based co-founder, said he hopes to use some of the seed money to hire at least six more people in Minneapolis in the next 12 months.
"One of our biggest challenges is brand awareness," he said.
So Realvision is also looking to use the investment to increase its marketing to help it compete with its much larger Silicon Valley-based competitor, Matterport.
The company also recently announced a partnership with Spacecrafting, a Minneapolis-based real estate photography and video firm that serves nearly 4,000 real estate agents, architects, builders and designers in the Twin Cities.
It has apps for touring properties in virtual reality using Oculus Rift and Google Cardboard and expects to release more apps for Samsung Gear VR and HTC Vive before the end of the month.
Kavita Kumar • 612-673-4113