London-based BuiltAI has closed a £2 million seed round for its geospatial analytics platform as it hunts for action in the commercial real estate market.
BuiltAI is developing AI inference technology to provide investment decisions. The tech firm is all about trying to bring “data transparency” to the commercial property sector – such as info on broader consumer trends.
Firoz Noordeen, Co-Founder of BuiltAI, says: “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.”
Its proprietary algorithms can create granular ‘street level’ insights on properties and locations. Built AI’s ambition 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.
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The £2 million seed round was led by former Apple/DataTiger executives Philipp Mohr and Puli Liyanagama, and supported by MMC Ventures, Plug and Play and an Innovate UK Smart Grant. The new funds will be used for R&D and products.
The company is also looking for new recruits – such as a Commercial Customer Associate, a Python Backend Developer and a Geospatial Data Scientist/Machine Learning Engineer.
BuiltAI, which spun out of Founders Factory’s venture studio, is working with a number of customers. These include a partnership with Deutsche Finance International, the owners of London Olympia and Europi Property Group.
Noordeen was a former director of NatWest Ventures. The other founders are Natan Lempert, a former real estate investment professional at Benson Elliot, and Jeffrey Ng, former CTO of Benevolent AI and CSO at Founders Factory.