Built AI closes £2m for commercial property analysis platform
Spotting the next ‘big thing’ in the UK’s $1.6 trillion commercial property market is no mean feat. Rising to the challenge, Built AI, the AI platform for the commercial real estate market, has closed a £2m seed round for its ground-breaking 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 by players in the market.
Increased demand for real-estate assets and significant shifts in the commercial real estate market are making it harder for property firms, funds and landlords to generate Alpha returns. At the same time, the severe lack of data transparency in the commercial property sector means that Built AI’s platform can improve players’ information about new markets and broader consumer trends that would unlock hefty returns on future deals.
Built AI is the first to build the richest, most accurate AI-augmented dataset on UK commercial real estate using the latest in machine learning capabilities. Built AI’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. Built AI’s 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 £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 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.
Built AI, which spun out of Founder Factory’s venture studio, is working with a number of customers that have already analysed over £2billion 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.
Built AI brings together the best talent from the world of data science, technology and real estate. It 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.
Success is no accident, it is hard work and perseverance. Congratulations to the entire team at Built AI on your funding. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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