VR technology gives developers a 3D view of what the finished product could look like
When searching for a new home, you’d probably want to set up a viewing to see firsthand what a space truly looks like before making a decision. Property developers who want to visualize projects before they’re even built, though, require a heavy dose of imagination to picture an end product based on one-dimensional blueprints. Ultimately, it’s a leap of faith investing in a project. VirtualSpaces, with operations in Bangalore, India and now Cleveland, is developing virtual reality (VR) technology to take guesswork out of this process by developing 3D renderings of building projects before construction begins.
“A real estate developer basically has nothing to showcase to the buyer while it’s under construction. All he has is a blueprint. That’s how we’ve been showcasing new properties since the 1930s. Nothing has changed,” said Hemanth Velury, co-founder and CEO of VirtualSpaces. “It is an untapped market. When people ask me who is my competitor, I always end up saying that a blueprint is. We have no one else.”
VirtualSpaces takes specifics from the blueprint like floor plan dimensions and builds out a basic 3D rendering of the space. Then it consults with real estate developers for input on how they might stage the space using furniture and design accents. From those general concepts, VirtualSpaces’ unique, proprietary technology mocks up a lifelike 3D model of the space. To see just how impressive the end product looks, check out footage in the video above.
In terms of visual clarity, VirtualSpaces believes they’re the most sophisticated solution out there in the real estate industry, and the only solution in the pre-construction space. To take advantage of this competitive advantage, Velury sought out top accelerator programs in the United States to speed up the company’s growth.
“We looked at a number of different programs in different parts of the United States, like Silicon Valley, Boston, New York and Austin. But we were most excited about growing our company in the Midwest, mostly because of its reasonable rent and access to investment,” said Velury. “For a company just starting out, these were important factors to consider.”
Velury was invited to develop his company as a member of the 2018 FlashStarts Accelerator Cohort. He’s working with the Ohio Third Frontier partner in Cleveland through the Global Entrepreneur-In-Residence Program, which helps foreign entrepreneurs secure a visa to develop their business ventures in northeast Ohio. Velury believes he can use the entrepreneurial services, extensive network and mentorship available at FlashStarts to grow his business and establish meaningful connections in the United States.
“I love it here in Cleveland. It’s a large city, but it feels like a small town at the same time. Everybody seems to know everybody else, which as an entrepreneur, makes connecting with others much easier,” said Velury. People have been exceptionally warm towards me, from a Starbucks barista to an Uber driver who I found was also not from the U.S. He even invited me over to his home for lunch. The reception here in Cleveland has just blown my mind. It’s made me feel great about entrepreneurship and building a company here.”