William Sankey
CEO, co-founder and head of product at Northspyre
Brooklyn-based Northspyre has had some eye-popping growth in recent years, and last year was no different.
This time last year, the cloud-based intelligence platform had more than $70 billion in owner and developer capital projects facilitated through its technology, and that grew to $125 billion by July.
“A lot of tech companies are shrinking, and we continue to grow,” said William Sankey. “And there’s a lot of room for Northspyre to continue to expand.”
Sankey said that tech penetration in real estate is between only 5 and 10 percent, and with the commercial real estate market in a moment of volatility, he added that more companies are turning to Northspyre to help them manage their projects.
“When you’re in choppy waters everybody needs to be focused,” Sankey said.
The company has also been bolstering its integration with other platforms, completely integrating with property management software provider Yardi in September 2022, and unveiled what it calls a “command center” for users in March that includes a suite of new tools. Among them is one allowing users to create budget goalposts on projects using their prior performance and Northspyre data from that region.
Northspyre is also busy developing new generative artificial intelligence tools for users by leveraging the data from the billions of dollars of projects on its platform. “We’re cooking up some really exciting, and, I think, transformative things,” Sankey said.
While the tech industry has recently taken a bruising along with commercial real estate in general, Sankey said Northspyre remains “very well capitalized” — closing on a $25 million Series B in February 2022 — and has profitability in sight by the end of next year.
And, even with the headwinds in real estate and tech, Sankey remains positive about both industries. “I know a lot of times people are pessimistic in times like this. I’m probably more optimistic than I’ve ever been,” he said. “This will make us better.”
