Modulous, a Seattle- and London-based construction tech startup, has raised $11.5 million in Series A funding, the company tells Axios.

Why it matters: The housing boom lit a spark under the construction tech space. Even though that market has cooled, the funding round shows that investors remain bullish and the space remains competitive.

Details: Sustainable Future Ventures led the all-equity round, which values Modulous at around $45 million, CEO Chris Bone tells Axios.

Yes, and: Modulous hired Sam Gioia, a former real estate design executive, to head up its manufacturing and assembly business.

How it works: Modulous makes software for multifamily-unit developers that manages design and cost lines for different projects by relying on pre-fab components with reliable cost and installation times.

Of note: Modulous is a software middleman between manufacturers and construction or architecture groups that aren't able to front the factory costs themselves.

What we're watching: Inflation, borrowing costs and supply constraints are slowing down real estate development.