In Germany, 400,000 new flats are being built every year. However, building land is scarce, especially in large cities. Also, urban development in the coming years urgently requires a change in planning that is more climate sensitive.
Enter Munster-based syte. The company is offering a search engine for real estate. Just by entering the address, the platform can summarise all the necessary information about plots of land, location data, surrounding buildings, materials used, sustainability criteria and even an estimate of the return on investment. The German startup has now brought in €2.6 million in funding. The fresh money will enable the team to further refine the AI tools and scale the business model to make property data from other federal states, including Berlin and Brandenburg, accessible.
The AI calculates the potential with many different urban planning parameters. According to the company, the AI has been trained with about 10 million data sets of buildings and properties in North Rhine-Westphalia. Going forward, the platform aims to develop a digital potential map for the whole of Germany and Europe.
The round saw the participation of High-Tech Gründerfonds (HTGF) and four other investors from the real estate industry.
Matthias Zühlke, CEO and co-founder of syte said: “We see the revolutionary approach of using AI to predict the development potential of land as our contribution to sustainable urban development.”
Johannes Weber, investment manager at High-Tech Gründerfonds added: “In a tight market, it becomes even more important to identify the right locations for real estate development. With syte, it is possible to determine in real time how much additional living or usable space is legally permissible through construction measures for an existing property. Densification is a particularly sustainable way of creating new living space.”