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[Korean Startup Interview] Proptech startup Parallel Space reimagines spatial management with 3D scanning

2023-10-11 4 min read

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[Korean Startup Interview] Proptech startup Parallel Space reimagines spatial management with 3D scanning

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Parallel Space is a 3D digital twin proptech startup that realizes spaces in virtual reality based on real inspections. It offers services that allow users to grasp and freely configure spaces beyond the constraints of time and space.

The spatial simulation, which can be dubbed an ‘online preliminary survey’, originated from an idea conceived by CEO Lee Ji-eun during her tenure at a foreign real estate company.  While working on building sales there, she found repeatedly conducting preliminary surveys for aiding customer decision-making inefficient. With the idea of ‘scanning and relocating spaces’, she founded Parallel Space in July 2020. 

Having an educational background in electronic engineering and a deep understanding of technologies like LiDAR, she quickly mastered the required technology to establish Parallel Space.

Parallel Space employs LiDAR sensors to acquire 3D spatial data and high-resolution panorama images to recreate actual spaces online. Their 3D scanning technology is utilized in building defect repairs, facility management, and the implementation of smart factories. Especially in the smart factory sector, they reconstruct 3D spaces to redraw the factory interiors and simulate the production process for efficiency.

Lee Ji-eun, the CEO of Parallel Space, stated, “We possess the technical expertise to reconstruct data from LiDAR into 3D and model it like a game environment. Previously, blueprints were used for 3D modeling which required significant manpower and time. By using 3D scanning, production time is reduced by more than half and manual labor, hence costs, are decreased.”

Currently, they’ve developed and operate an EITRI service, which streamlines the defect inspection and AS (After Sales) process while logging all activities, and provide it to Samsung C&T Corporation. 

They’ve also been selected for a program called ‘Smart City Startup Vietnam Entry Program‘, hosted by The Invention Lab under the GMEP (Global Market Expansion Program) supported by the KISED, and have executed pilot projects in Vietnam. They’ve verified the effectiveness of their digital twin technology in the Vietnamese market, enhancing the potential for market entry.

Lee Ji-eun, defining Parallel Space’s identity as a “team that reduces time and costs while securing data”, announced their ongoing pre-Series A investment round. She expressed her vision, “The real estate sector we’re tackling is vast. 3D technology has various applications, and Parallel Space has a good understanding and business capability in the real estate sector. We target the highest value-added segment in proptech.”

Reconstructing space through 3D scanning

With 3D scanning, they address facility management issues in real estate and aim to develop web and app-based communication for defect inspections and AS in shared housing. For smart factory implementation, they’re continuously updating technology by introducing 3D spatial design, simulation, 3D technology, and AI. They automate the objectification of scanned items and use LiDAR for accurate 3D spatial formation where precision is paramount.

Automating defect inspections and after-sales services before apartment move-in

Their EITRI service, currently offered to Samsung C&T, automates defect inspections and AS solutions for shared housing real estate. They’ve transformed a process that relied heavily on manual work and stickers into a more intuitive solution based on 3D blueprints.

Targeting a 1 trillion won real estate market, easily accessible through a monthly subscription model

Aiming for a global real estate market worth 1 quadrillion won, their business model is a SaaS monthly subscription, making the service accessible without high initial development costs. They currently offer their services to firms like Samsung C&T, LG Electronics, and Dongkuk Steel, with ongoing pre-Series A investment, having already secured an investment from Pusan National University Tech Holdings. Their investment round will continue until the end of 2023.

Various experts come together to pioneer the real estate market

Their team, composed mainly of developers, consists of 11 individuals, including indoor mapping developers, 3D printing experts, and business planning specialists. The reasons to invest in them include the vast market potential of real estate, the rising technology of 3D combined with AI, and their rapid market penetration.

Why we should receive investment!

The first reason is the presence of a large market. Real estate requires facility management and follows a similar process. Parallel Space aims to reduce labor costs through the integration of 3D technology.

Secondly, it’s an emerging technology. The field developed by Parallel Space is rapidly advancing with the integration of AI technology and has boundless applications.

Thirdly, despite being a new venture, it’s making a strong impact in the market. Penetrating quickly among industry stakeholders and possessing the strength of swift communication with the new business team, it’s focused on technology development that translates to actual revenue.

What’s the plan for entry into the Vietnamese and global markets?

Regarding global expansion plans, especially in Vietnam, they’ve participated in the GMEP Vietnam PoC program, allowing them to verify the Southeast Asian, particularly the Vietnamese market. They aim to provide systems for Korean construction companies working overseas by combining online site visits and 3D mapping digital twin technology for remote communication in construction and operation management

[Korean Startup Interview]

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