Proptech startup Built AI has secured in a £2m seed round led by ex-Apple and DataTiger executives Philipp Mohr and Puli Liyanagama.
The round also saw participation from MMC Ventures, Plug and Play, and an Innovate UK Smart Grant.
The fresh funds be used to spur the development of the startup’s commercial real estate analytics platform and the onboarding of new customers.
Built AI uses natural language processing – a subset of AI – to extract key data from property brochures uploaded by users.
The startup says this information can help commercial real estate investors save time when assessing properties.
The platform can then use this data to create a business plan with estimated rates of return for potential investments.
The London-based startup was co-founded by Firoz Noordeen, Natan Lempert, and Jeffrey Ng.
Firoz Noordeen, co-founder, Built AI, 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.”
“The [Built AI] team is building category-defining real estate data infrastructure, transforming sparse data sets into granular, precise insights supercharging both transactions and asset management,” said Andrei Dvornic, MMC Ventures.
Deutsche Finance International, which owns London Olympia and Europi Property Group, has also partnered with the proptech.
Image credit: Built AI
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