Energy

MapMortar Examined: The Google Maps for Zero Carbon Building Retrofits

This Research Note examines an early-stage UK startup, MapMortar which has developed a retrofit twin platform designed to help large commercial real estate portfolio owners and asset managers model and simulate portfolio decarbonization to plan, manage, and execute retrofitting at scale. Founded in 2022 as Mortar.io, the startup changed its name to MapMortar, headquartered in London, UK in April 2024. The startup offers 3D simulation technology, powered by Artificial Intelligence and physics-based modeling, which identifies the most cost-effective route to net zero goals for the buildings sector. They claim their live retrofit simulation twins help commercial real estate portfolios to put an 11% premium on their buildings. MapMortar Value Proposition Unlike traditional solutions that focus on single aspects of building management, their platform offers a portfolio-wide modeling solution. This capability is critical as the range of retrofits extends from simple upgrades, such as window replacements and insulation enhancements, to complex overhauls of mechanical and electrical […]

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This Research Note examines an early-stage UK startup, MapMortar which has developed a retrofit twin platform designed to help large commercial real estate portfolio owners and asset managers model and simulate portfolio decarbonization to plan, manage, and execute retrofitting at scale.

Founded in 2022 as Mortar.io, the startup changed its name to MapMortar, headquartered in London, UK in April 2024. The startup offers 3D simulation technology, powered by Artificial Intelligence and physics-based modeling, which identifies the most cost-effective route to net zero goals for the buildings sector.

They claim their live retrofit simulation twins help commercial real estate portfolios to put an 11% premium on their buildings.

MapMortar Value Proposition

Unlike traditional solutions that focus on single aspects of building management, their platform offers a portfolio-wide modeling solution. This capability is critical as the range of retrofits extends from simple upgrades, such as window replacements and insulation enhancements, to complex overhauls of mechanical and electrical systems.

Their solution is a virtual modeling and simulation software platform, which generates virtual models of existing buildings. The company claims that what sets them apart is the accuracy of its models, which enables its customers to create twice as accurate retrofit strategies compared to existing solutions.

Combined with their simulation technology, their customers can identify the most cost-effective pathway to achieving net-zero emissions at least three times faster than other platforms. By providing a faster, and more accurate solution, MapMortar aims to contribute to doubling the pace of decarbonization efforts in the global building stock.

Market Traction

According to a March 2024 Medium article on why Toniic members invested in MapMortar, the startup has successfully concluded a series of pilot studies encompassing 150 buildings from three customers.

They received a non-dilutive grant to extend the pilot program to 150,000 buildings within Barnet Council and have signed an early adoption pilot program with Langham Estates, a prominent investor and manager of commercial real estate in West London.

Additionally, MapMortar has a development partnership with Mitie, the largest property management company in the UK, which has about 450,000 buildings in its portfolio.

MapMortar Startup Examined

Incubation & Pre-Seed Funding

MapMortar was formed out of Carbon13, a UK University of Cambridge and German-based venture builder for climate emergencies.

In July 2023, the company participated in the Geovation Scotland accelerator program to progress its main goals which revolve around advancing the company to the next stage of growth and development, building on current customer traction, executing its business roadmap, and developing a robust and sustainable business model.

Ultimately, they want to deliver a Minimal Viable Product (MVP) to paying customers and position themselves for scalability and impact.

In October 2023, MapMortar closed a $1.52 million pre-seed round to expand their engineering team and execute on their pilot projects. Investors include Carbon13, Mission One Capital, and two private investors of the Toniic community (among others).

Minimum Viable Product (MVP)

The beta launch of their Minimal Viable Product (MVP), the initial version of the MapMortar platform, was rolled out in April 2024.

MapMortar is an early-stage startup with a convincing value proposition, which is seeing good traction in the UK retrofit sector.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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