He said the group is aiming to raise $11 million by June, and is returning to high net worth individuals and family offices first up as it embarks on the fundraising. It raised $5.8 million in seed and Series A funding over the past four years.
PointData uses proprietary technology which applies AI and machine learning to automatically value properties every week, and crunch the numbers on subdivision potential of land allotments.
It has up to 24 unique data points on each property. It uses data to provide real-time valuations which change in line with broader market shifts and what is fashionable and sought after among real estate buyers.
Big customers using the service include the South Australian government, People’s Choice Credit Union and Land Services SA. People’s Choice Credit Union is one of the largest credit unions in Australia and is investigating a merger with Queensland-based Heritage Bank.
PointData is on track to have full coverage of all capital cities in Australia within 12 to 18 months.
It has just appointed two Sydney-based directors. They are Simon Basheer, the immediate past president of the Urban Development Institute of Australia, and Monique Dorigo, Head of Marketing at LexisNexis Pacific.
PointData is chaired by Con Tragakis, a former KPMG SA chairman of partners.
Mr Giannakodakis said the company currently values about 1.5 million properties each week and can give a ranking to every developable site by land profitability on subdivision.
Its algorithms and databases can pinpoint which streets in a particular suburb are going up in value at a faster rate than other streets, even though they have the same postcode.
