Delft-founded AI proptech startup GeoPhy has landed a $33 million funding round led by Index Ventures, with participation from existing investors Inkef Capital and Hearst Ventures.
The startup founded by two architects applies supervised machine learning methods to commercial property valuation by capturing “thousands of data-points from public and private sources, including satellite images and sales data,” the company stated in a press release. It also analyses its own property database to find links between the asset prices and different location characteristics.
“We aim to understand the value of every building in the world,” said GeoPhy CEO Teun van den Dries. “We’re trying to shift the whole paradigm of property valuation.”
According to GeoPhy's data, the average gap between a conventional commercial property appraisal and the actual sale price is about 5-6 percent in the UK and US. The company's own technology-powered valuation supposedly brings this number close to zero.