The property technology firm, PointData, plans to raise $11 million by June to hasten its expansion efforts. The company employs artificial intelligence and machine learning to automatically evaluate the development potential of all residential land sites in capital cities. PointData’s patented technology gathers up to 24 distinct data points on each property to offer real-time valuations that adjust in accordance with market changes and with what buyers in the real estate sector are seeking.
Despite potential interest rate hikes, PointData’s CEO, George Giannakodakis, remains optimistic that this will only fuel demand for the company’s services as buyers increasingly seek to maximize their returns.
“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.
