Estater intends to use the new capital to accelerate product development, enhance its employee growth and boost its technology infrastructure.
Estater.com, a GCC-based PropTech company that uses artificial intelligence and data science in real estate, announced recently, that it closed a Series A round of funding with more than $5 million in capital raised. Sanjay Goyal, one of the founders of the company, declared that they received strong backing from several prominent family groups from Saudi Arabia and Bahrain. Mahmoud AlJarrah, co-founder from Kuwait, said that "Estater is a PropTech company that specializes in real estate data and the use of cutting-edge Data Science and Artificial Intelligence (AI) models in the development of consumer and enterprise applications."
"Estater is the first company in the GCC region with its entire data on Geographic Information System (GIS) maps. The use of maps makes all applications highly interactive for users," added Roobesh Modi, another co-founder.
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, 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."
Roobesh Modi said, "Estater is a unique advanced technology-driven revolution in real estate that brings the science of GIS, real estate, data science, 3D, and technology clubbed together to democratize and solve issues for 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 and are expected to be released in the next couple of months.
Estater currently has 50+ employees at multiple locations. The company intends to use the new capital for accelerated product development, employee growth, and boosting necessary technology infrastructure to cater to prospective clients.
Estater has a flourishing real estate consultancy business, with more than 100+ clients, including financial institutions, real estate companies, and investment companies. Estater has delivered more than 300 real estate studies across GCC countries in the last ten years.