IAG participates in BuiltAI’s £2m round

BuiltAI is the AI ​​platform for the commercial property market and has closed a £2m round for its innovative geospatial analytics solution. The company develops AI inference technology that offers radical transparency into the commercial real estate market to inform market participants for better and faster investment decisions.

The increasing demand for real estate and significant changes in the commercial real estate market are making it more difficult for real estate companies, funds and landlords to generate returns. At the same time, the severe lack of data transparency in commercial real estate means BuiltAI’s platform can improve marketers’ insight into new markets and broader consumer trends that could unlock significant returns on future transactions.

BuiltAI is able to generate a rich and accurate AI-enriched dataset of the UK commercial property sector using the latest machine learning capabilities. BuiltAI’s proprietary algorithms are able to generate “street-level” analytics for any property and location from sparse and disparate datasets that are prevalent in the industry. BuiltAI’s vision is to create a ‘live’ digital snapshot of the country’s real estate that can be used to virtually model investment scenarios across entire portfolios.

The £2 million seed round was led by ex-Apple / DataTiger executives Philip Mohr and Puli Liyanagama and supported by partners MMC Ventures, Plug and Play, Italian Angels for Growth (IAG) and an InnovateUK Smart Grant. The new funds will serve to fuel BuiltAI’s research and development and product development, including improving AI geospatial analysis and expanding customer acquisition in the UK and Europe.

Firoz Noordeen, co-founder of BuiltAIstates in a note: “Until now, analysis of the returns on potential commercial real estate transactions has been incomplete due to a lack of transparent data. With the help of this new investment, we can bring the real estate industry into the Google/Deepmind era, using advanced machine learning capabilities to fundamentally change the way real estate investments are valued and increase the rate of return.”

Andrei Dvornic of MMC Ventures adds: “MMC is excited to partner with BuiltAI in its quest to apply the latest in machine learning to enable unprecedented levels of transparency in the real estate market. The team is building a category-defining real estate data infrastructure, transforming sparse data sets into analytical and accurate insights that enhance both transactions and asset management.”

Luca Rossetto, champion IAG on this investment: “The BuiltAI team represents an ideal combination of experience and skills to achieve the most ambitious goals. Their approach to seeking what can be considered the Holy Grail in proptech, a stable and advanced property valuation, departs from the path taken by many players. The team can really bring a turning point to the European panorama.”

Born out of Founder Factory’s venture studio, BuiltAI works with a number of clients who have already analyzed over £2 billion of real estate assets. These include a partnership with Deutsche Finance International, the owners of London Olympia and Europi Property Group. Further growth is expected during the year. BuiltAI brings together the best talent from the worlds of data science, technology and real estate. It is led by Firoz Noordeen, former director of Natwest Ventures, Natan Lempert, former real estate investment professional at Benson Elliot, and Jeffrey Ng, former CTO of Benevolent AI and CSO of Founders Factory. (Photo by ActionVance on Unsplash)

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