BuiltAI has closed a £2 million seed round for its geospatial analytics platform. 

The deeptech company is developing AI inference technology that delivers radical transparency to the commercial real estate market in order to inform better, quicker investment decisions.

The severe lack of data transparency in the sector means that BuiltAI’s platform can improve players’ information about new markets and broader consumer trends that would unlock hefty returns on future deals. 

BuiltAI says it has built the richest, most accurate AI-augmented dataset on UK commercial real estate using the latest in machine learning capabilities. BuiltAI’s proprietary algorithms can create granular ‘street level’ insights on any property and location from sparsely-populated and disparate datasets that are pervasive in the industry. 

Its vision 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 seed round was led by former Apple/DataTiger executives Philip Mohr and Puli Liyanagama and supported by MMC Ventures, Plug and Play and an InnovateUK Smart Grant. 

The new funds will fuel BuiltAI’s 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 BuiltAI, said: “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.”

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BuiltAI, which spun out of Founder Factory’s venture studio, is working with a number of customers that have already analysed over £2 billion 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. 

Andrei Dvornic at MMC Ventures added: “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.”

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