Australian property technology startup ipData has raised $1.6 million from investors to enhance its AI-driven platform, which assists property investors and developers in predicting the profitability of land purchases and development across the country. Chaired by former KPMG partner Con Tragakis, ipData has developed an automated property feasibility algorithm that uses machine learning to estimate the potential profit of any proposed development and suggests a reasonable purchase price.
The platform employs a “land economics” AI engine to calculate return on investment, considering 20 to 30 different data sets such as optimal building size, development style, location, and comparable house and land package prices. It also evaluates proximity to public transportation and other attributes that impact value and future returns.
CEO George Giannakodakis said the algorithm can adapt to both property downturns and growth periods, as it incorporates real-time data. Founded in 2014, ipData offers two platforms: Property AI, which instantly determines a land parcel’s development feasibility and simulates the development process, and Valeri, an automated valuation model.
Initially focused on the Adelaide property market, the company is now working on incorporating Sydney data. Ultimately, ipData aims to provide instant reports for all major Australian cities. The recent Series A funding round will help accelerate commercialization, while a $387,000 grant from the Australian Federal Government’s Accelerating Commercialisation scheme will provide additional support.
