BuiltAI secures $2.4m to expand commercial real estate analytics platform

Built AI has closed a £2 million ($2.45 million US) seed funding round to further develop and expand its commercial real estate analytics platform and to tackle the lack of transparency in the sector.

The platform features a comprehensive and accurate AI-augmented dataset on the UK commercial property sector. Its proprietary algorithms create granular insights about any property and location. Built AI wants to create a digital snapshot of the UK’s real estate assets that can be used to virtually model portfolio investment scenarios.

The London-based proptech start-up was co-founded by Firoz Noordeen, Natan Lempert and Jeffrey Ng. It uses natural language processing, part of an AI subset, to extract vital data from property brochures uploaded by users and is now using its data-driven decision-making capabilities to the commercial real estate sector.

It claims this information can help commercial real estate investors save time when reviewing and assessing properties by bringing more transparency to investors and allowing sector players to make quicker and smarter decisions. Built AI’s platform can then use this data to create a business plan and provide users with estimated rates of return for potential investments.

“Until now, analyzing the returns of potential commercial real estate deals has been flawed due to the lack of transparent data available,” said Built AI co-founder Firoz Noordeen (LinkedIn profile), who previously worked for NatWest Ventures.

“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.”

Ng (LinkedIn profile) was previously the CTO of Benevolent AI and CSO at Founders Factory. Lempert (LinkedIn profile) used to work at Benson Elliot as a real estate investment professional and was VP at European real estate private equity company The Valesco Group.

Built AI is a spinout company from Founders Factory venture studio. Its seed round was led by ex-Apple and DataTiger executives Philipp Mohr and Puli Liyanagama and included MMC Ventures, Plug and Play and an Innovate UK Smart Grant.

It is already working with companies that have analyzed over $2 billion worth of property assets, including a partnership with Deutsche Finance International, owners of London Olympia and Europi Property Group.

The funds will be used to accelerate fuel BuiltAI’s research and development and product growth, including its AI geospatial analytics and building customer numbers in the UK and Europe.

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