London-based startup Built AI is bringing data-driven decisions to the lucrative commercial real estate market. Its AI platform is bringing more transparency to investors in the sector and empowering quicker and smarter decisions. The startup just secured about €2.3 million to develop the product further and expand.
Commercial real estate in the UK is a trillion-dollar market. It’s one that is well established, lucrative and an investment space that has been seen as relatively secure. There’s not been a lot of ground-breaking shifts in the sector, it’s one that has tended to follow a pretty steady path. However,m aiming to shake it up a little, Built AI aspires to be the next big thing in the market.
Bringing big-data transparency to commercial real estate
Based in London, Built AI is an AI platform dedicated to the commercial real estate market. It comprises a comprehensive and accurate AI-augmented dataset on UK commercial real estate and its proprietary algorithms are capable of creating granular ‘street level’ insights on any property and location – a massive step forward from the 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.
Increased demand for real-estate assets and significant shifts in the commercial real estate market is 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.
The startup spun out Founder Factory’s venture studio and is working with a number of customers that have already analysed over €2 billion worth of property assets – including a partnership with Deutsche Finance International, the owners of London Olympia and Europi Property Group.
Firoz Noordeen, co-founder of 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 deeptech startup has now raised a fresh €2.3 million. The 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 funds will be used to fuel BuiltAI’s R&D and product growth – including furthering its AI geospatial analytics and extending its customer acquisition in the UK and Europe.
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.”