August 01, 2022

BuiltAI raises £2m to deliver first-of-its kind big-data transparency to UK’s commercial real estate



The £2 million seed round was led by former Apple/DataTiger executives Philip Mohr and Puli Liyanagama and supported by MMC Ventures, Plug and Play, an InnovateUK Smart Grant and Italian Angels for Growth. 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.

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 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.

Built AI 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 Philip Mohr and Puli Liyanagama and supported by MMC Ventures, Plug and Play, an InnovateUK Smart Grant and Italian Angels for Growth. 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, analyzing 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.”

Luca Rossetto, IAG Champion in this investment: “Built AI team shows an ideal blend of expertise and competence to achieve the most ambitious objectives. Built AI approach to the quest for the holy grail in proptech, a robust and sophisticated property evaluation, departs from many paths followed so far by many players. The team can truly set a landmark in the European proptech landscape.”

BuiltAI, which spun out of Founder Factory’s venture studio, is working with several 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.