Willow, maker of real estate and infrastructure digital twins, has raised $28.8 million (A$42 million).

The round was led by the existing backers of the Sydney-headquartered company, who entered at a lower valuation than the 2021 pre-Series B round.

Willow chairman Nicholas Moore, the former CEO of the Macquarie Group, is a major investor, alongside fellow director and TCI Renewables chairman Jim Cooney, and WatermanCLARK co-founder and former Brookfield boss Ric Clark were key backers of the latest increase.

The software startup previously raised US$43 million (A$58 million) in a pre-Series B round in August 2021 and US$40 million (A$54 million) in a Series A in late 2019.

Institutional investors include Perennial Value Management, VGI Partners and the CIA-backed US fund In-Q-Tel.

The digital twin software company creates a digital replica of a built asset, enabling owners and operators of large portfolios and infrastructure to make smarter, more proactive, data-driven decisions.

Willow’s client base includes some of the world’s largest real estate and critical infrastructure owners, including Brookfield Properties, as well as several Fortune 500 companies, including Microsoft.

The company also boasts several iconic campus and stadium areas, including SoFi Stadium and Hollywood Park in Los Angeles. It has offices in Sydney, Melbourne, Toronto, Seattle, New York, London, Amersfoort and Manila.

READ NOW: Infrastructure monitoring startup Trendspek banks $6.3 million in Series A