We are a new Oxford based start-up that has been shortlisted for Innovate UK’s “Audience of the Future Investment Accelerator” Grant. We are blending our experience from the property sector, with knowledge of building apps developing technologies with AR, AI and the blockchain.
Our vision is to create user friendly tools, enabling consumers to scan properties in Augmented Reality (AR), creating and curating their property data to build a ‘Digital Twin. Subsequent users can add further scans to this 3D context model, to capture development and change, charting the fourth dimension – time.
We will use Machine Learning algorithms (AI) to interpret the spatial data, to build and refine the immersive 3D models, improving their accuracy. The photogrammetric survey data will be composited and parsed by the algorithms, identifying changes to the property.
There are numerous commercial applications which can be developed with this IP and Data. Our first product, in early development, is a tool to enable tenants and landlords to capture and share property data, specifically related to “check-in” condition surveys and property inventories. Tenants will be motivated to use the app, to create a record of the condition when they move into a property, to reduce the risks of dispute and to protect their deposits. They can also communicate with their landlords to raise issues such as maintenance requests.
Using Augmented Reality to spatially locate property data, we can create a spatial and time “stamp” – verifying when and where it was captured. Uploading this data to the cloud using a Distributed Ledger (blockchain) will provide an immutable audit trail of property related data, including transactions and communication between landlords and tenants. The platform will become the repository of property related data: communication, documents, and transactions between parties.
This platform of property data, will be offered as a freemium model to tenants, Who will be charged for premium services, such as viewing archival information about prospective properties and landlords.
Landlords will be offered a subscription service (SaaS) to promote and curate their property archive. Both parties will leave an immutable audit trail of past property related communication and activity. This can be used for generating references, and can ultimately become the “trustpilot” or “tripadvisor” for the Private Rental Sector.
The market is currently served by legacy Property letting and estate agencies, with a few online brokers ( purplebricks) offering basic services to landlords and tenants. Digital tools to assist both parties, are unsophisticated 2D database apps.
There are no technological competitors offering immersive 3D tools or the algorithms to create 4D data. Our platform will create significant savings and speed of transactions, incentivising the creation and growth of immersive property content.
The Serviceable addressable market in the UK is 5,300,000 private tenancies, The total addressable market is over 20X this size, with 50m in the USA alone.
Our forecast is for conservative growth, reaching 100,000 paying subscribers in the UK within 2 years of launch, with a monthly revenue of over £2m, and average recurring monthly growth of 11%.
What are you pitching for?
We are pre-revenue and are pitching for Angel/ Seed Investment. We are looking to raise £400K, to launch an MVP in Q2 2020.