Bahrain-based property technology startup, Estater has secured a $5 million Series A round from undisclosed investors from Saudi Arabia and Bahrain.
Estater plans to use the new funds to develop its product, grow its internal team and enhance its technology infrastructure to attract new customers.
Co-founder from Kuwait, Mahmoud AlJarrah said, “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”.
“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,” he added.
Estater with the help of AI estimates the value of properties, enabling its users to select a property on a map and generate its valuation immediately.
Further stating, co-founder, Roobesh Modi said, “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 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 and are expected to be released in the next couple of months.
“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,” said co-founder of Estater, Sanjay Goyal.
Founded in 2009, Estater has over 50 employees at different locations and works with over 100 financial institutions, real estate companies, and investment companies. Estater has offered more than 300 real estate studies across GCC countries in the last ten years.