BuiltAI team photo | Image credit: BuiltAI
London-based BuiltAI, a company that helps real estate professionals analyse commercial property opportunities with its AI platform, announced on Monday that it has raised £2M (approximately €2.39M) in a Seed round of funding.
The company says it is creating an AI inference technology that will bring transparency to the commercial real estate sector to help market participants make better and quicker investment decisions.
Investors in this round
The investment was led by former Apple/DataTiger executives Philipp Mohr and Puli Liyanagama, with participation from MMC Ventures and Plug and Play, and an InnovateUK Smart Grant.
Andrei Dvornic of MMC Ventures says, “MMC is thrilled to be partnering with BuiltAI in its quest to apply state-of-the-art 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.”
MMC Venture funds and helps scale technology companies that are transforming today’s markets. It has backed companies from the Seed and Series A stage since 2000. Some of its portfolio companies include Ably, Gousto, Interactive Investor, Signal AI, and Brightpearl.
Funds for expansion
BuiltAI says it will use the proceeds to fuel its R&D and product growth, including furthering its AI geospatial analytics, and extending its customer acquisition in the UK and Europe.
Firoz Noordeen, co-founder of Built AI, says, “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.”
Analyse commercial property opportunities faster and better
BuiltAI reports that it is becoming difficult for property corporations, funds, and landlords to produce Alpha returns due to rising real estate asset demand and market changes in the commercial real estate sector. But BuiltAI’s platform can help participants learn more about emerging markets and general consumer patterns that could lead to profits in future deals.
The London-based company claims to be the first to build the ‘most accurate AI-augmented dataset’ on UK commercial real estate, which it uses to create granular ‘street level’ insights on any property and location. The company’s aim is 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.
The company is led by Firoz Noordeen, former director of Natwest Ventures, Natan Lempert, former real estate investment professional from Benson Elliot, and Jeffrey Ng, former CTO of Benevolent AI and CSO at Founders Factory.
BuiltAI, which spun out of Founder Factory’s venture studio, is working with a number of customers that have already analysed over £2B worth of property assets. These include a partnership with Deutsche Finance International, the owners of London Olympia and Europi Property Group. There are plans to further grow throughout the year.
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