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Intelligent City Inc. (“Intelligent City” or the “Company”) has raised $22 million, bringing the total capital invested in the company to $30 million. The funds raised will support the company’s global, automated design and manufacturing solution, which is on track to deliver over 2,300 apartments.
The new capitalization includes a Series A preferred share offering of $12M with participation by BDC Capital’s Cleantech Practice, Greensoil PropTech Ventures, UIT Growth Equity GP, and over 30 independent investors, in combination with $10M in government programs and accelerators such as the Natural Resources Canada (NRCan) Investments in Forest Industry Transformation program (IFIT), the Sustainable Development Technology Canada (SDTC) Seed Fund and the Next Generation Manufacturing Supercluster (NGen) Manufacturing Project Funding.
Founded over a decade ago, Intelligent City offers clients highly integrated one-stop solutions to design and pre-fabricate sustainable, net-zero, multi-family urban green buildings at better quality and lower costs for both owners, operators, and tenants. The company’s Platforms for Life (P4L) solution incorporates mass timber, design engineering, Passive House performance, automated manufacturing, and proprietary parametric software.
“We are focused on revolutionizing an industry that is notoriously slow to innovate while making a significant impact on our climate with lower carbon emissions from the construction and operations of buildings,” explained Oliver Lang, CEO and Co-Founder of Intelligent City.
By developing a flexible yet scalable technology and design platform, the company departs strongly from the construction industry’s typically fragmented and hierarchical design and construction processes. Focusing on a deep vertical integration of building systems, software, manufacturing automation and supply chain contracts, the company can help developers achieve nearly 100 percent cost certainty, deliver 1.5 times the number of residential units on the same site compared to traditional methods and realize savings of up to 50 percent on life cycle costs per home.
Fort Capital Securities Ltd. acted as financial advisor and placement agent.