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

February 19, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Rightmove Not Listening
Rightmove to ‘Reject’ Listings Without a Price—and None of Its Current Listings Are Compliant

From today, new listings that don’t display a price cannot be uploaded to Rightmove. Rightmove made the announcement to comply...

Read More
Zigbang Investment Scaled
Zigbang Secures $77m Funding Before Anticipated IPO

Real estate marketplace ZigBang has raised ₩100 billion ($77 million USD) in what is believed to be a pre-IPO equity...

Read More
Shutterstock 1668133759 Scaled
Offerpal secures pre-seed funding round

Proptech startup Offerpal has raised an undisclosed pre-seed funding round led by Swedish venture capital firm PropTech Farm, with Offerpal...

Read More
Immowelt And Remax Partnership
Immowelt and RE/MAX Expand Their Partnership

Remax Germany and immowelt will increase their collaboration through shared marketing services. Immowelt will now provide some of its digital...

Read More

Popular News