Estater.com, a PropTech company based in the GCC region that specializes in using artificial intelligence and data science in real estate, recently announced the successful completion of its Series A round of funding, raising over $5 million. "We received strong backing from several prominent family groups from Saudi Arabia and Bahrain," said co-founder Sanjay Goyal. Co-founder Mahmoud AlJarrah from Kuwait also conveys that “Estater is a PropTech company that specializes in real estate data and use of cutting edge Data Science and Artificial Intelligence (AI) models in the development of consumer and enterprise applications”.
FIRST GCC REGION COMPANY TO HAVE ITS ENTIRE DATA ON GIS MAPS
According to co-founder Roobesh Modi, “Estater is the first company in the GCC region with its entire data on Geographic Information System (GIS) maps. Use of maps makes all applications highly interactive for users”.
ESTATER USES REVOLUTIONARY AUTOMATED VALUATION MODELS (AVMS)
Mr. Sanjay said that “The company has unique Automated Valuation Models (AVMs) which are new-age property valuation tools. These tools allow any user to select a property on a map and generate a valuation with a click. Users can follow the property to track changes in the valuation over time. More than 100 features of the property are taken into account to generate the valuation. Relevant information is already digitized for more than two million houses in Riyadh, Khobar, Dammam, Jeddah, Kuwait, and Bahrain. The valuation of these properties requires several hundred million calculations that are currently underway”.
Furthermore, Mr. Mahmoud AlJarrah said “there are enterprise applications that the company calls Market Intelligence (MI). These applications provide granular and timely information about various real estate sectors. Data on hundreds of retail malls, office space, and logistics hubs can be accessed by enterprise users through these applications”.
DEMOCRATISING VALUATION AND MARKET INFORMATION-DRIVEN ANALYTICS
Mr. Roobesh Modi said, “Estater is a unique advanced technology-driven revolution in real estate which brings the science of GISworld, real estate, data science, 3D and technology clubbed together to democratize, solve issues of millions of users to get valuation (Estater Meter) and market information driven analytics (Market Intelligence)”. The various products are in the final stage of development. These products are due for release in the next couple of months.
WHO ARE ESTATER?
Estater has over 50 employees across multiple locations. The company intends to use the new funding for accelerated product development, employee growth, and boosting necessary technology infrastructure to cater to prospective clients. The company has a flourishing real estate consultancy business with over 100 clients, including financial institutions, real estate companies, and investment companies. Over the last ten years, Estater has delivered more than 300 real estate studies across GCC countries.
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