Münster-based PropTech company syte has raised €9 million in Series A funding to accelerate its AI-powered platform for evaluating land and property.

The round was led by amberra, the venture studio of Germany's cooperative banking network Volksbanken Raiffeisenbanken, with NRW.BANK joining as a new investor. Existing investors including companies from the Schwarz Group, High-Tech Gründerfonds, vent.io, and Vantage Value also participated.

Turning weeks of property analysis into minutes

Founded by architect Matthias Zühlke and David Nellessen, syte was created to address delays in real estate transactions caused by manual land assessments and property analysis.

Its platform combines cadastral records, LiDAR data, satellite imagery, and market data to create a detailed picture of land and buildings.

Developers, banks, and brokers can use the platform to evaluate development opportunities, zoning regulations, and whether a potential project is financially viable before committing to an investment.

syte says its technology has reduced real estate due diligence checks from weeks to just a few minutes.

62 million parcels and 200+ customers

The platform now covers more than 62 million parcels across Germany and serves over 200 customers. The company also says its annual recurring revenue doubled over the past year.

syte was named Germany's PropTech of the Year in 2025.

Its focus is specifically on the decision-making stage before construction begins - helping users determine whether a plot or property is worth pursuing before significant development work starts.

A bank-backed route to expansion

A major part of the latest funding is amberra's connection to the cooperative banking network. Several cooperative banks are already using syte for property sales and client advisory.

NRW.BANK is investing through its equity finance arm.

The latest round brings syte's total funding to approximately €17 million, following a €2.6 million seed round in 2022 and a further €5 million raised in 2024.

The company plans to use the new capital to automate more of the planning process and expand into additional European markets.