Firstly an apology. I announced Spotahome’s $40million raise last week. I stated that the Founder had moved aside a few months ago.. Well he hasn’t. My bad. He is still fighting his corner and obviously doing a good job.
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Having said that, last week, an AI themed review, simply due to the fabulous CogX show that was on this last week, was one of the most opened and read reviews (over 50% open rate and nearly a 60% click through rate) but there was one article I wished could have made it.
If you like AI, you will like this Harvard Business Review which gives the topic of artificial intelligence a thorough shake down and will be ideal for beginners and those more advanced.
So come on. Whose going to MIPIM PropTech this coming week in Paris? The WeWork afterparty is sure to be a cracker with plenty of PropTech people in attendance. Just wondering whether I will be allowed in given my record with them! So whilst you book your tickets to MIPIM PropTech, lets get on with the review.
Not their usual style on the Tech Talk – which I much prefer if I may say – but still a worth while listen around tech enabled building management
A bit of a love in here between two industry veterans – apologies chaps – but it is true. They have both had a part to play in this whole journey of PropTech. Well worth a listen
Most Shared: Reonomy raise an additional $30million
Taking their total investment to over $68million. Pretty impressive given the company is just five years old – though it does serve information on over 50 million properties in the US. “We’re blown away with how quickly firms are embracing data—and how they’re using Reonomy to fuel greater intelligence, streamline workflows and create new business opportunities” says CEO Richard Sarkis
Quite the debate about this on our PropTech WhatsApp group this week.
Opendoor, the San Francisco online marketplace for buying and selling homes, has raised $325 million to expand to new markets as it takes on Zillow and Redfin.
They will use this new money to expand into 10 new regions, and it brings their total funding up to $645 million in equity and $1.5 billion in debt financing.
To quote Mike Bristow, CEO and Co-Founder of Crowdproperty; “The key factor for them is creating barriers as first mover. Offer as close to value as possible (whilst truly understanding value) that only scale can make profitable. Then achieve that scale first thus building defence. Not being greedy early is critical. Then try to defend from conventional transactions getting much more speedy and certain. There’s value right now but there’ll be a fight back.”
To quote Paul Maltby, Chief Digital Officer of the MHCLG (has got so much harder to say since they added in more bits!),“Massive announcement for geospatial #opendata by the Prime Minister. Topographical layer of MasterMap (plus UPRNs in future) to be released under Open Gov Licence. Resolves derived data issues for #PropTech and #LocalDigital”
Also, here are the thoughts from Geovation, the start up accelerator, backed by the Government, on their thoughts to the whole issue. Exciting times I suspect.
“Despite different tech solutions to increase productivity on the job site, construction remains slow to adopt technologies and many field workers face significant pushback over the cost of implementation.”
Sound familiar? Those words could’ve have been assigned to the property industry a few years ago, so there’s no real cause for concern for construction. It’s just a matter of time before the industry gets on-board with technology.
The big question is, will those who keep refusing to enter the ConTech suffer as a consequence? It’s to be expected that suspicion comes before mass adoption, but there will innevtiably be winners and losers – construction firms who continue to reject tech for too long risk being the latter.
PropTech Figure of the Week:
About 97% of the current buildings in Europe are considered not energy efficient — about 30 billion square meters wasting energy
Influencer Quote of the Week:
“There’s also an argument to be made that PropTech’s biggest flaw might be the lack of open dialogue, as well as mutual understanding between traditional property and PropTech”
“Rising housing costs, traffic gridlock and a housing shortage are leading developers to create new housing innovations and mixed-use buildings where people can live and work in one location.”
Lets call it “Corporate Living”. It’s the future
My thoughts on this new world, and I’m somewhat concerned. But perhaps that is just me. I’m out of touch?
Smart buildings will be the future. Definitely the new ones anyway. But what about retrofitting? Given the demands of the EU (what does that mean for us I hear you say?!) for energy efficiency in buildings, I suspect the retro fitting side will also be busy.
“The key motivator to retrofit offices is that making an existing building smart, prolongs its lifespan, which in the end, considerably saves money. This was the case with our latest project in the USA, where we developed Unilever’s US headquarters. We managed to reduce the building’s energy consumption by 50 percent and increased its usable space by 28 percent.” states Coen van Oostrom, founder and CEO of EDGE Technologies
A really interesting article on Smart Buildings (retro-fitting too)
- Reonomy raise another $30million taking them to $68.4 million total funding
- Why Grocery stalls are the new Mall – how logistics operation are changing
- Shelterzoom, a blockchain based real estate platform, award best innovation for 2018
- Why CreTech tools are an analysts best friend.
- Can WeWork really double its valuation? Really??
- 20/21st June – MIPIM PropTech
That’s all for now, folks…
Have a great Sunday.