The federal government launched the Business Research and Innovation Initiative (BRII) in July 2016 under the National Innovation and Science Agenda. In 2014, Mapizy, a local startup with the slogan “Helping millions to make better decisions,” began using AI to transform manual geospatial data generation. The company’s new property analytics platform is designed for the insurance, finance, and real estate markets, combining building attributes with change analytics and risk factors to better assess properties, underwrite more accurately, and achieve customer base growth.
Insurance businesses can use Mapizy’s analytics platform to access the latest property information and make better decisions in various insurance processes from underwriting to renewal and claim assessment. The platform quantifies property value and risks using geospatial analytics.
Mapizy was recently one of four companies chosen from 250 applicants to receive a $100,000 BRII grant to count fish using advanced technologies. Mapizy is working with leading marine biologists from the Australian Institute of Marine Science (AIMS) to develop an AI tech solution to monitor changes in marine species’ number, appearance, and movements, which is currently done manually. The two most compelling feasibility studies will receive a further $1 million to develop a functional prototype with AIMS. Industry Minister Karen Andrews believes this initiative provides Australian businesses with the opportunity to develop clever ideas and create products that will benefit the community and the economy. Government agencies will have the option to purchase any developed products tailored to meet national challenges.