PointData and Land Services SA strike deal for AI-backed valuation products
From The Advertiser
Dec 03, 2019 — 12.00am
Adelaide property technology start-up PointData expects to more than double its workforce in the next six months after signing a deal with the state’s lands titles office to distribute its suite of artificial intelligence-backed products.
Established in 2014 by Adelaide planning expert George Giannakodakis, the company has spent the past five years refining its algorithms and artificial intelligence systems, culminating in their official launch tonight.
Through a deal recently struck with Land Services SA, the products will initially be accessible to consumers through real estate agents and conveyancers via the office’s South Australian Integrated Land Information System (SAILIS).
Backed by an innovative machine learning tool, PointData’s detailed valuation reports consider a multitude of quantitative and qualitative factors when valuing a property, including recent sales, land economics and neighbourhood profiles.
Meanwhile, a property development potential report provides customers with tailored development options and returns on investment under different development scenarios
Mr Giannakodakis said the suite of products would deliver valuable information to banks, real estate agents, conveyancers, homeowners, property investors and developers.
“Our custom reports are able to provide instant property feasibility studies with a very high degree of accuracy in property and land values thanks to our evolving and sophisticated algorithms and artificial intelligence systems , ” he said.
“This is about creating value for a range of customers, from big banks to mum and dad investors, by unlocking a wealth of data that was previously largely inaccessible to most people. ”
“We can instantly pinpoint fluctuations in specific streets within particular suburbs and can quickly and accurately predict the risk and returns of buying, developing or selling an individual property.”
PointData currently employs 11 employees, with that number expected to increase to 25 in the next six months, and to 60 within three years as part of a national expansion plan
It has set up offices in Sydney and Melbourne to support its early growth, and plans for its product range to offer national coverage by the second half of next year
PointData’s launch marks the first time in Australia that a land registry office has partnered with a private company to distribute products.
After initially being offered through the SAILIS system, the company’s services will in time be offered directly to homeowners, developers, investors and property buyers for a fee.
Banks will also be offered PointData’s automated valuation services, offering real-time information and analysis.
Earlier this year, PointData secured close to $2 million in funding and appointed a high powered board including BankSA chief executive Nick Reade, former KPMG SA chairman Con Tragakis and former Lend Lease project director Alex Pyrlis.
The company raised $1.6 million through a Series A funding round, while being awarded a $387,000 grant from the Federal Government’s Accelerating Commercialisation program
PointData will officially unveil its services at a launch event at Land Services SA’s offices tonight.