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

Shutterstock 1932382865
$13 Billion Adevinta Takeover Deal To Go Ahead After 11th Hour Drama

The acquisition bid made by Aurelia Bidco for the Oslo-listed online marketplace operator Adevinta has finally reached the approval threshold...

Read More
Shutterstock 2245599643
Zillow Adds Individual Room Listings to Its Portal

The U.S. real estate portal Zillow has announced the addition of individual room for rent listings to its portal. The...

Read More
Blank 705 X 430 5
Immowelt's German Parent Company Rebranded to 'AVIV Germany'

The local parent company of the German real estate portal Immowelt has changed its name to 'AVIV Germany'. Immowelt is...

Read More
Untitled Design 15
REA Group Sees Strong Domestic Growth in HY1 Results

The Australian real estate marketplace operator REA Group has released its results for the first half of its 2024 financial...

Read More