Texas based startup OJO Labs has raised $62 million in its series D round from Breyer Capital, LiveOak Venture Partners, Royal Bank of Canada and Northwestern Mutual Future Ventures. The funds will be used to purchase US challenger portal Movoto and improve the company’s personalised property recommendation engine which uses the latest AI technology. The purchase by OJO Labs has seen it buyout Japanese real estate company Mitsui Fudosan’s position in Movoto which it acquired in January of 2019.
OJO Labs plans to integrate the assistant into Movoto’s platform so that practical questions around the purchase of a property can be answered on the portal itself and when a user is ready, the technology will be able to refer them to the right agent as a more qualified lead. The portal, which reportedly sees 24 million monthly visits, will not undergo a rebrand but will now operate under the OJO umbrella.