AIRE, a proptech company based in Brisbane, has secured $1 million in funding from the Real Estate Industry Venture Capital Fund operated by PieLab Venture Partners and the Queensland Government Business Development Fund (BDF). This investment coincides with the second anniversary of the launch of RITA®, AIRE’s digital employee.
RITA® is a cloud-based SaaS application that leverages artificial intelligence and automation to provide real estate agents with a daily list of optimized leads. The technology acts as a productivity tool, enhancing the existing resources of real estate agencies.
Ian Campbell, the CEO of AIRE, stated that the company values the contributions of agents in providing professional real estate services. The goal of RITA® is to support agents by reducing screen time and increasing customer and community engagement.
Despite the billions invested in proptech over the past decade, the key metrics of agent productivity and consumer satisfaction have remained stagnant. AIRE believes that AI and automation are the keys to unlocking new levels of productivity, service levels, and agent job satisfaction. The company is committed to delivering measurable outcomes for its clients and the real estate industry.
AIRE has experienced rapid customer adoption in both Australia and New Zealand, with usage ranging from individual independent agents to corporate franchises.
According to Chris Rolls, the Managing Director of PieLAB, feedback from agents and agencies using AIRE has been overwhelmingly positive. Users have reported having more significant conversations, experiencing fewer setbacks, and consistently generating genuine leads such as appraisals, listings, and new management prospects. Overall, users have found AIRE to be a software product that provides a genuine return on investment for their agency.
PieLab’s investment has been matched by BDF, an initiative of the Queensland State Government aimed at promoting investment in early-stage companies based in Queensland. According to Queensland’s Deputy Premier and Treasurer, Jackie Trad, supporting emerging companies through the $80 million Business Development Fund (BDF) is a key part of the government’s efforts to create jobs and strengthen the state’s entrepreneurial ecosystem.
Ms. Trad added that the BDF has been successful in increasing the pool of angel and venture capital funding available to support the growth of innovative businesses. This, in turn, creates high-value jobs and helps showcase Queensland both in Australia and internationally.
PieLab’s investment is seen as a strategic move to drive growth and development of the company’s product in existing markets. As Mr. Campbell, the company’s CEO, noted, this investment will help the company achieve its goals in terms of product capability and customer base more quickly.
