UK-based BuiltAI has raised £2 million in funding for its AI platform for the commercial real estate market. The seed round was led by former Apple and DataTiger executives Philipp Mohr and Puli Liyanagama and supported by MMC Ventures, Plug and Play and an InnovateUK Smart Grant.
The new cash infusion will drive the startup’s R&D and product growth. Going forward, the company will boost its AI geospatial analytics and extend its customer acquisition in the U.K. and Europe.
Increased demand for real-estate assets and significant shifts in the commercial real estate market are making it harder for property firms, funds and landlords to generate Alpha returns. At the same time, there exists a severe lack of data transparency in the commercial property sector.
The deeptech company is developing AI inference technology that delivers radical transparency to the commercial real estate market in order to inform better, quicker investment decisions by players in the market. Built AI claims its platform can improve players’ information about new markets and broader consumer trends that would unlock hefty returns on future deals.
The startup’s proprietary algorithms can create granular ‘street level’ insights on any property and location from sparsely-populated and disparate datasets that are pervasive in the industry.
Talking about how the company wants to create a ‘live’ digital snapshot of the country’s real estate assets that can be used to virtually model investment scenarios across entire portfolios, Firoz Noordeen, co-founder of Built AI, said: “Until now, analysing the returns of potential commercial real estate deals has been flawed due to the lack of transparent data available. With the help of this new investment, we can bring the real estate industry into the Google/Deepmind age, using sophisticated machine learning capabilities to fundamentally alter how property investments are evaluated and boost the rate of alpha returns.”
Andrei Dvornic, principal at MMC Ventures added: “MMC is thrilled to be partnering with BuiltAI in its quest to apply machine learning to enable unprecedented levels of transparency in the real estate market. The team is building category-defining real estate data infrastructure, transforming sparse data sets into granular, precise insights supercharging both transactions and asset management.”
BuiltAI already works with the likes of Deutsche Finance International, the owners of London Olympia and Europi Property Group.