By Eleni Patsalides.
Property technology company PointData, which uses artificial intelligence and machine learning to automatically assess development potential of all the residential land sites in capital cities, intends to raise $11 million by June to accelerate their expansion plans.
PointData uses patented technology, that has up to 24 unique data points on each property, to provide real-time valuations which change in line with broader market shifts and with what is most sought after amongst real estate buyers.
Despite prospective interest rate increases, Chief Executive Officer, George Giannakodakis, remains positive that this should only further demand for the provider’s services due to growing need for buyers to maximise their return potential.
“If anything, it makes people want to use it more,” Mr Giannakodakis told The Australian Financial Review in response to the likelihood of rate rises as the Reserve Bank foresees inflation.
The company, based in Adelaide, says that it is returning to high-net-worth investors and family offices first as they begin the fundraising for this next leg. In the past four years, PointData has raised $5.4 million in seed and Series A funding.
PointData set up a Western Australian arm in December and is now making plans to expand to the Eastern seaboard with Victoria first on the list of eastern state markets.
The company is estimated to have full coverage of all capital cities in Australia within 12-18 months and has just appointed two Sydney-based directors. PointData is also chaired by Con Tragakis, a former KPMG SA chairman of partners.
Source: The Australian Financial Review.
