PRODA acquires a Series A investment of £6.57 million led by ING Ventures
The data processing and analysis platform PRODA, based in London, has announced the conclusion of its Series A investment round. JLL Spark, Blackstone Innovations Investments, and Concrete VC are all new investors in the round, which was spearheaded by current investor ING Ventures.
Major real estate industry players’ support will enable PRODA to build its software platform as the centralised centre for processing and analysing data at the lease, property, and unit levels.
Launched in 2017, PRODA is a cloud-based SaaS system that collects, standardises, validates, analyses, and trades rent roll data. Given the property level detail recorded, this data is a crucial input used throughout the commercial real estate industry by lenders, investors, and asset managers. Co-founded by two ex-fund managers, the company’s goal is to empower real estate professionals to quickly gain actionable insights from their data and to facilitate the use of technology within the industry.
The machine-learning trained platform automates a previously manual and error-prone procedure, regardless of currency, language, or property type, leading to up to a 90% reduction in overall processing time as well as improved quality data for its users. The platform offers businesses the real-time property reporting, enhanced visibility, and operational efficiency needed in the current market.
PRODA currently operates across 16 countries, strategically tailoring its platform to regional needs. Their flagship technology includes new additions such as the tenant exposure and risk analysis tool, as well as an advanced charting tool that significantly saves asset managers time by formulating data exactly to their required specifications. The funding will be used to continue to scale the breadth and depth of PRODA’s platform and grow its presence in and beyond Europe to meet the growing demand for its services.
PRODA is an innovative company that is addressing a genuine problem faced by the real estate industry. I’m certain this firm will keep on succeeding in its excursion ahead. Best of wishes to the entire PRODA team. I’m sure the future holds a lot of exciting opportunities for them.Shishir Gupta, Founder and CEO, StartupLanes
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