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This startup uses generative AI to speed up the property-buying process. Check out the 14-slide pitch deck Orbital Witness used to raise $9 million.
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- Orbital Witness uses generative AI to speed up the due diligence process when buying properties.
- The London-based startup has raised $9 million in a round led by US property tech investor Parker89.
- Check out the 14-slide pitch deck it used to raise the fresh funding.
A startup that uses generative AI to streamline the lengthy due diligence associated with buying property has raised $9 million in a round led by US investor Parker89.
London-based Orbital Witness, founded in 2017, has developed a platform that can cut down on the hours of admin that lawyers and real estate professionals have to spend going through legal documents and records page-by-page. The company has focused on commercial property but will expand into residential agreements.
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Orbital’s tech analyses the likes of deeds, leases, and maps to identify and classify any risks that clients could face during the buying process. The platform also aims to highlight any clauses in the lease that could be overlooked by clients — such as planning permissions being approved in nearby homes, or whether pets are allowed in buildings.
The primary pain points that clients flag “are access to information, as real estate is a very opaque industry,” founder and CEO Will Pearce said.
Orbital Witness has data partners that provide it with the datasets that a property lawyer would view, to train its models. It also relies on lawyers giving the startup more of their own data, which they can upload onto the platform.
Now, the startup is used by a host of commercial property clients, including all of the UK’s magic circle law firms, as well as infrastructure teams at Tesla.
It makes its money by charging a subscription per user rate, which provides an “all you can eat” access to the platform — and “provides scalability within a law firm,” said Pearce.
Amid a tougher funding environment, Pearce said that the team was still very specific about who they took money from and skewed towards property tech investors.
Pearce said that their AI product wasn’t the reason investors were keen to back the platform, although there has been more investor frenzy for early-stage AI startups recently. “My view on startup bubbles is that it’s harder to stand out by using a buzzword,” he added.
The round was led by property tech investors Parker89, which has backed Properly, Flyhomes, and Orchard. Additional participation came from LocalGlobe, Seedcamp, Outward VC, Portfolio Ventures, and Realty Corporation. This brings the startup’s total funding to around $14 million.
Orbital Witness will use the cash injection to widen its product offerings beyond a commercial landscape, to clients in the residential market who want to buy single-unit homes.
Check out the 14-slide deck used to nab the fresh funds.
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