Proptech startup raises funding for algorithm development

February 19, 2019
Share this Post: 

IpData, a proptech startup, has recently raised $1.6 million to continue working on its technology platform. IpData helps investors and property developers to predict whether its worth buying a specific piece of land for development in any city in Australia and 

The company, chaired by a former KPMG partner, Con Tragakis, says it has developed a fully automated property feasibility algorithm which uses machine learning to assess what the profit upside is likely to be for any proposed development, and spits out a sensible purchase price before a buyer goes ahead.

The ipData platform uses what the company calls a "land economics" artificial intelligence engine to determine the return on investment.

The algorithm factors in between 20 to 30 different sets of data including optimum building size, development style, distance from the beach or harbor, whether the land is near a main road, if it is on a tree-lined street and comparable house and land package prices. It also assessed how close the land was to public transport, along with many more attributes which ultimately determined value and future returns.

The chief executive, George Giannakodakis, said the number-crunching algorithm would work equally as well in a property downturn  and during more buoyant times because it fed in real-time data.

"We've developed big data learning sets," he said. "It sees patterns. We've been experimenting with a lot of data layers."

ipData is an Australian owned and based predictive analytics company that provides superior property and planning advice based on state of the art algorithms driven by artificial intelligence. Our aim is to better inform people’s decisions, help business grow and assist policy makers to shape our cities. The company includes a strong management team, high calibre data scientists and systems engineers with extensive modelling experience, advised by property and planning professionals with Australia wide residential property and development, urban planning and spatial data experience.

Read more here

Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.

Property Portal Watch Bangkok Conference, Mar 19-21, 2019

Read more

REA Group Reports 'Impressive" Growth
For Homely, It's More Than Real Estate
Canberra's Zango Partners With Snug
1 2 3 163
February 19, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick