Real estate technology group PointData in an $11 million fundraising

He said the group is aiming to raise $11 million by June and is going to high net worth individuals and family offices first as it embarks on fundraising. It has raised $5.8 million in seed and Series A funding over the past four years.

PointData uses proprietary technology that applies AI and machine learning to automatically assess properties weekly and calculate numbers on land allotment potential for subdivision.

It has up to 24 unique data points on each property. It uses data to provide real-time valuations that change based on broader market changes and what’s trending and sought after by home buyers.

Large customers using the service include the Government of South Australia, People’s Choice Credit Union and Land Services SA. People’s Choice Credit Union is one of Australia’s largest credit unions and is considering a merger with Queensland-based Heritage Bank.

PointData is on track to have full coverage of all Australian capitals within 12-18 months.

It has just appointed two directors based in Sydney. They are Simon Basheer, outgoing president of the Urban Development Institute of Australia, and Monique Dorigo, head of marketing at LexisNexis Pacific.

PointData is chaired by Con Tragakis, former Chairman of KPMG SA Partners.

Mr Giannakodakis said the company currently values ​​around 1.5 million properties each week and can assign a ranking to each developable site based on the profitability of the land on the subdivision.

Its algorithms and databases can identify streets in a particular suburb that are rising in value faster than other streets, even if they have the same ZIP code.

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