AI technology adds transparency to property market
Spotted: Dutch startup GeoPhy uses artificial intelligence (AI) to quickly and more objectively value property. Algorithms calculate values based on thousands of bits of information. The data comes from public and private sources, including satellite imagery and millions of property records, looking at sales history, as well as links between prices and things like demographics. The platform assesses more unusual information such as the number of independent coffee shops nearby, as well as crime rates and green spaces. It can even consider reviews for local businesses in the neighbourhood.
The business is currently focussed on commercial property, but plans to expand to cover residential. GeoPhy recently received $33 million in funding to expand its operations. It has offices in Lithuania, the Netherlands, the UK and US.