Proptech startup Built AI has closed a £2m seed round for its commercial real estate analytics platform.
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. The seed capital will be used by the company for research and development and onboarding new customers.
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,” added Noordeen, who previously worked as the director at Natwest Ventures.
Ng was previously the CTO of Benevolent AI and CSO at Founders Factory. Meanwhile, Lempert used to work at Benson Elliot as a real estate investment professional.
Built AI is a spinout from Founders Factory’s venture studio, which recently saw Sky Ocean Ventures underpin into its £100m Planet Fund.
Its seed round was led by ex-Apple and DataTiger executives Philipp Mohr and Puli Liyanagama. They were joined by MMC Ventures, Plug and Play and an Innovate UK Smart Grant.
Silicon Valley-headquartered investor Plug and Play last month launched its Midlands mobility programme, partnering with The University of Warwick, The Advanced Propulsion Centre, and Zenzic.
“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.
Proptech investor Concrete Ventures recently revealed its target of £86m for its proptech investment fund.