Flux Factory Inc, the building design software startup and alumni of Google X moonshot, announced it raising $29 million in Series B round of funding led by Temasek and Suburbana Jurong Private Limited along with along with the participation of Far East Ventures, DFJ, South PArk Ventures, Borealis Ventures and Obvious ventures.
Founded in 2010 at Google X labs, the Flux Factory has developed a cloud-based service for architects, engineers and contractors to exchange date without any hassle. The tools assist architects and builders approach problems in the most sustainable way possible. Nicholas Chim, CEO of the company said, “Collaboration tools are critical infrastructure elements to address the urgent need for affordable and sustainable building for an urbanizing world. Our industry needs to work together to develop new methodologies to meet this demand, while minimizing our usage of energy, water and extracted resources.”
The funding amount is a big sum of money for a company that started with Google X. Flux is currently working to add support for various popular design tools like Revit, 3ds Max, AutoCAD and SketchUp. It supports programs like Grasshopper, Dynamo and Excel. It is planning to expand support to new tools by 2016 and intends to use the newly raised funds for the same. Further to the funding, Nina Yang, chief operating officer at Singbridge would be joining Flux’s board of directors.
Chim added, “Today, there are 1 billion people with substandard housing. By 2050, another 2 billion people will move into cities. Our industry needs to work together to develop new methodologies to meet this demand, while minimizing our usage of energy, water and extracted resources.” The company is working to drastically reduce the environmental footprint of buildings as the real estate and the construction companies are coping with an urban housing stock which have high chances of doubling itself in the next three decades.