Geowox uses AI to undertake property valuations
by Startacus Admin
Geowox, the Irish startup that is innovating the property valuation sector...
Dublin-based property tech startup Geowox is out to disrupt the property valuation sector. Everything else is becoming automated, so why not property valuation? They want to put an end to people inspecting houses to produce their reports, and instead use a data-driven, machine learning process that looks at other similar properties and what they sold for, adding this to millions of other data points to produce a highly accurate valuation. You can also get a comprehensive analysis of an entire neighbourhood, including schools, transport, population, and crime rates; vital information for commuters and families in particular. 
Currently, Geowox’s primary clients are banks, whom their platform helps to valuate properties for mortgages, as well as internal auditing and appeasing regulators, but they hope to expand this soon to other areas of the property sector. Estate agents would be the most obvious clients, but sellers who would rather go it alone and avoid paying fees to an estate agent could also greatly benefit from an accurate valuation tool like Geowox.
Recently, Geowox raised €500,000 in funding, which will allow them to boost its staff from 5 to...more than 5, bringing in more data engineers and data scientists to help get the platform ready for the ramp up to their Series A funding round in 2020.
We look forward to seeing what they build with the investment...
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Published on: 8th September 2019
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