New York developer Vessel Technologies is build a 30-unit apartment complex in New London. Image courtesy of Vessel Technologies

A company that’s developing a housing product designed to save developers time and money received a venture capital infusion for expansion.

Mastry Ventures and LENx, the venture arm of Lennar Communities, provided a series A round to Vessel Technologies. Terms were not disclosed.

The New York company, founded in 2017 by Neil Rubler, is developing a 30-unit apartment complex at 174 Bank St. in New London scheduled for completion in late summer. Vessel Technologies manufactures multifamily building components that can be assembled on site, reducing project timelines and costs.

In May, the company received approval for a 70-unit apartment building at 146 Realty Drive in Cheshire, for its second Connecticut project.

“In addition to shaving months and even years from traditional construction timelines, Vessel offers a product that checks every single box for communities that are serious about addressing their housing shortage with a solution for almost any site, whether urban or suburban,” Mastry Ventures Managing Partner Sam Landman said in a statement.

The building components are designed for building sites as small as a half-acre, which may otherwise not be profitable to develop, Rubler said in a recent interview with The Commercial Record.