ModulusTech, a Karachi based startup incubated at the Nest I/O promises to deliver houses that can be packed up and moved city to city with ease that can be assembled within three hours under a cost of USD 3000. The startup has gone to win an award by the United Nations Industrial Development Organization for their housing solution that cuts down carbon emission by almost 50 percent.
Recently, the startup has gone on to close a round of seed funding that was led by Magnus Communications. However, the details of the investments haven’t been disclosed by both the organizations. What is known is that the seed round was equity-based and the investors will get one seat at the board. Regarding the organizational structure of the startup, there are to be no changes after the investment round.
Founder and CEO Nabeel Siddiqui speaking to the local news shared that they gained a significant traction in the pre-investment phase. Therefore, the seed funding will be utilized to scale the production capacity of ModulusTech. He also stated they have been working on autonomous houses as its latest product, with the research and development for which is almost complete.
Furthermore, ModulusTech is also exploring a diverse customer base, such as schools, clinics, tourists’ lodges, etc to deploy their products. They also plan to collaborate with the Prime Minister’s Housing Scheme.
Speaking about the project to the local news Nabeel said, “Such social projects have been the reason we started ModulusTech. It is amazing how we not only offer an affordable housing solution but we also create huge environmental impact by lowering the carbon footprint and increasing the energy efficiency of our houses, aligning perfectly with the government’s agenda. With the given the number of houses required, the most efficient way to do it would be through an industrialized housing concept like ours, a traditional construction approach will take too long.”
