Built AI has closed a £2 million (US$2.45 million) seed funding round to further develop and expand its commercial real estate analytics platform and to address the lack of transparency in the sector.
The platform offers a comprehensive and accurate AI-augmented dataset on the UK commercial property sector. Its proprietary algorithms create granular information about any property and any location. Built AI wants to create a digital snapshot of UK property assets that can be used to virtually model portfolio investment scenarios.
The London-based proptech startup was co-founded by Firoz Noordeen, Natan Lempert and Jeffrey Ng. It uses natural language processing, which is part of a subset of AI, to extract vital data from real estate brochures uploaded by users and is now using its data-driven decision-making capabilities in the industry. commercial real estate.
He says this information can help commercial real estate investors save time when reviewing and valuing properties by bringing more transparency to investors and enabling industry players to make faster and smarter decisions. . Built AI’s platform can then use this data to create a business plan and provide users with estimated rates of return for potential investments.
“So far, the analysis of returns from potential commercial real estate transactions has been flawed due to the lack of transparent data available,” said Built AI co-founder Firoz Noordeen (LinkedIn profile), who previously worked for Nat West Ventures.
“With the help of this new investment, we can usher the real estate industry into the Google/Deepmind era, using sophisticated machine learning capabilities to fundamentally change the way real estate investments are valued and increase the rate of alpha return.”
Ng (LinkedIn profile) was previously CTO of Benevolent AI and CSO at Founders Factory. Lempert (LinkedIn profile) worked at Benson Elliot as a real estate investment professional and was Vice Chairman of European real estate private equity firm The Valesco Group.
Built AI is a spin-off from venture capital studio Founders Factory. Its funding round was led by former Apple and DataTiger executives Philipp Mohr and Puli Liyanagama, and included MMC Ventures, Plug and Play and an Innovate UK smart grant.
It already works with companies that have analyzed over $2 billion in property assets, including a partnership with Deutsche Finance International, owners of London Olympia and Europi Property Group.
The funds will be used to accelerate BuiltAI’s research and development and the growth of its products, including its geospatial AI analytics and the creation of new customers in the UK and Europe.