A real estate AI startup founded by a former Domain executive has received $6 million in backing from Australia Community Media's (ACM) Antony Catalano and Alex Waislitz as part of an oversubscribed Series A funding round.
Sydney-based Propic uses artificial intelligence to generate leads and automated communications for real estate agents, attracting customers including the likes of Ray White, McGrath and Laing+Simmons.
Founded by Jeffery Gray, who was on the Domain executive team during Catalano's four years as CEO, Propic boasts two AI-driven products - prospect predictor ReVealed AI and virtual sales agent Enliven AI.
"Our vision is to intelligently connect people and places with the services they need in real estate, in their time and place," Gray says.
"To do this, we use Artificial Intelligence (AI) I to improve how buyers and tenants engage around property transactions.
"Our solutions also enable agents to leverage a data platform that finds appraisals and listings for them."
He adds the company is excited by the investment and support from Catalano and Waislitz, who are making the investment through their real estate digital media investment vehicle IMP.
"This funding will accelerate a significant scale-up in our business, proving Australia can lead in the technology space. We genuinely believe our solutions will become ubiquitous, transforming the customer and agent experience here and overseas," he says.
Propic was recently selected as one of six companies in the Asia Pacific to join the global Proptech Accelerator Program REACH run by Second Century Ventures, the VC arm of the National Association of Realtors in the USA.
"What is apparent to us is that AI and big data will play a material role in Real Estate, as we're seeing in just about every other vertical," Catalano says.
"To have world-leading solutions being developed here in Australia is fantastic to see, particularly when you look at the global application of the Propic tech platform."
Melbourne-based independent advisory firm Henslow acted for Propic through the Series A raise, which reached $6.5 million in total.
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