Spotting the next ‘big thing’ in the UK’s $1.6 trillion commercial property market is no mean feat. Rising to the challenge, BuiltAI, the AI platform for the commercial real estate market, has closed a £2m seed round for its ground-breaking geospatial analytics platform. The deeptech company is developing AI inference technology that delivers radical transparency to the commercial real estate market in order to inform better, quicker investment decisions by players in the market. 

Increased demand for real-estate assets and significant shifts in the commercial real estate market are making it harder for property firms, funds and landlords to generate Alpha returns. At the same time, the severe lack of data transparency in the commercial property sector means that Built AI’s platform can improve players’ information about new markets and broader consumer trends that would unlock hefty returns on future deals. 

BuiltAI is the first to build the richest, most accurate AI-augmented dataset on UK commercial real estate using the latest in machine learning capabilities. Built AI’s proprietary algorithms can create granular ‘street level’ insights on any property and location from sparsely-populated and disparate datasets that are pervasive in the industry. Built AI’s vision is to create a ‘live’ digital snapshot of the country’s real estate assets that can be used to virtually model investment scenarios across entire portfolios.

The £2 million seed round was led by former Apple/DataTiger executives Philipp Mohr and Puli Liyanagama and supported by MMC Ventures, Plug and Play and an InnovateUK Smart Grant. The new funds will fuel BuiltAI’s R&D and product growth – including furthering its AI geospatial analytics and extending its customer acquisition in the UK and Europe. 

Firoz Noordeen, co-founder of Built AI, said, “Until now, analysing the returns of potential commercial real estate deals has been flawed due to the lack of transparent data available.  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.”

Andrei Dvornic at MMC Ventures added, “MMC is thrilled to be partnering with BuiltAI in its quest to apply state of the art machine learning to enable unprecedented levels of transparency in the real estate market. The team is building category-defining real estate data infrastructure, transforming sparse data sets into granular, precise insights supercharging both transactions and asset management.“

BuiltAI, which spun out of Founder Factory’s venture studio, is working with a number of customers that have already analysed over £2billion worth of property assets. These include a partnership with Deutsche Finance International, the owners of London Olympia and Europi Property Group. There are plans to further grow throughout the year. 

BuiltAI brings together the best talent from the world of data science, technology and real estate. It is led by Firoz Noordeen, former director of Natwest Ventures, Natan Lempert, former real estate investment professional from Benson Elliot, and Jeffrey Ng, former CTO of Benevolent AI and CSO at Founders Factory. 

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About Built AI

BuiltAI is the AI platform for the commercial real estate market. It is the first to build the richest, most accurate AI-augmented dataset on UK commercial real estate which it uses to create granular ‘street level’ insights on any property and location. Built AI’s vision is to create a ‘live’ digital snapshot of the country’s real estate assets that can be used to virtually model investment scenarios across entire portfolios. 

BuiltAI is led by Firoz Noordeen, former director of Natwest Ventures, Natan Lempert, former real estate investment professional from Benson Elliot, and Jeffrey Ng, former CTO of Benevolent AI and CSO at Founders Factory. 

About MMC Ventures

MMC funds and helps scale technology companies that are transforming today’s markets. It has been backing transformative tech companies from the Seed and Series A stage since 2000. MMC commits to a deep understanding of each company’s underlying technology and business model to help make better decisions and be more effective partners.

Transformative technology companies MMC has backed to date include Ably, Copper, Gousto, Snowplow, Interactive Investor, Brightpearl, Current Health, Synthesia, Signal AI, Bloom & Wild and Peak. Explore MMC’s research and other actionable insights at www.mmc.vc