Fifth Dimension AI has raised £2.3 million pre-seed funding as its AI ‘co-partner’ product Ellie leaves its pilot phase.
Ellie uses automated processes and machine learning to support document heavy and data-filled industries like real estate.
The business believes that large language models can take away the time-consuming and boring task of reviewing large quantities of information locked away in disparate documents, and instead produce outputs in a fraction of the time.
Following the completion of an initial pilot scheme running since April, Fifth Dimension AI already boasts nearly 10 major real estate firms as clients, including big names such as Hamptons.
The company was founded in January 2023 by Johnny Morris and Dr Kate Jarvis, a large language model wizard with a PhD in Linguistics from Stanford University who has spent the last 12 years designing machine learning-powered products and bringing them to market.
Morris has more than a decade of real estate experience which includes roles as chief operating officer at Wayhome and analytics director at Countrywide.
The pre-seed investment round was co-led by Anthemis’ Female Innovators Lab Fund and Seedcamp, with participation from Ascension Ventures Ltd, Concrete VC, Love Ventures, Sie Ventures, and Twin Path Ventures.
“We are on a mission to redefine the world of work, beginning with the real estate industry,” said CEO Dr Jarvis. “As a result of the pandemic, people want to do work that is impactful, purpose-driven and aligns with their values.
“With Ellie, we are providing real estate professionals with a solution that will lift them out of time-consuming, repetitive and boring work – enabling them to do their best work and lead happier, purposeful, and more fulfilled lives.”
Chief product officer Morris added: “We designed Ellie to provide real estate professionals with a competitive advantage by providing a partner to help them get done in minutes what usually takes hours.
“Across our clients, we’ve been amazed by the impact that Ellie has on the newest generation of real estate professionals. These young and ambitious individuals are able to increase their output and amplify their expertise in the industry – in a fraction of the time.
“With Ellie as their partner, we believe the next generation will have the power to truly move the industry forward.”