The AI ​​property due diligence platform ingress…

An AI-powered property due diligence platform that is popular in the commercial market has raised £7.5m to help expand into residential.

Launched in 2018, Orbital Witness was endorsed during a Series A round led by proptech investor Parker89 and joined by LocalGlobe, Outward VC, Seedcamp, Portfolio Ventures and Realty Corporation.

The platform can automatically extract and analyze data from public sources, including the Land Registry and local authorities, in a matter of seconds.

The firm then uses natural language processing techniques and generative artificial intelligence to dissect lengthy documents such as leases and deeds, giving legal experts an overview of issues that could affect a property transaction as soon as possible. open a file

The platform said it has powered more than 76,000 transactions and saved professionals more than 74 million minutes that can instead be used to process larger numbers of transactions or divert the experience elsewhere.

The expansion in the home buying and remortgage market will now bring the same benefits to residential transfer law firms, Orbital Witness said.

Initially it is focused on helping carriers navigate the increasingly complex area of ​​leasing transactions, giving them the ability to serve a larger number of customers while maintaining speed and accuracy.

Initial pilots suggest that the platform saves an average of 50 minutes per leasehold transaction, which means that a residential transfer lawyer handling 20 cases a month could save up to 25 business days in a year.

Will Pearce, who co-founded the business with Ed Boulle after seeing firsthand how much paperwork lawyers have to handle during a property transaction, said: “We are transforming the way property due diligence is handled and empowering legal experts to get a picture of everything they need to know about a property, allowing them to advise their clients quickly and with maximum clarity.

“We have had unprecedented demand for our platform among commercial real estate specialists and we are excited to bring it to the residential market. Right now, carriers are drowning in paperwork. We want to relieve them of that burden so they can spend less time tracking documents and more time proactively supporting their customers.

“We are grateful to our investors for making this next phase of our product development possible and we look forward to working closely with them as we continue to grow.”

This increase, which brings Orbital Witness’ total funding to £11.5m to date and comes from a year in which the company’s revenue doubled, will be used to expand its 40-strong team and build partnerships key in the entire residential real estate market. .

Ben Carroll, managing director of transport giant enact, added: “At enact, we have been defining and refining the process of delivering transport services at scale for 20 years.

“As the demands of transfer attorneys become increasingly complex, we are focused on automating the time-consuming steps in the transfer process to further our leadership in the industry.

“Partnering with Orbital Witness to automate title verification for our leasing work has the potential to unlock capacity, speed transactions and reduce risk simultaneously. This is an important part of our strategy to lead the industry’s transition to automation.”