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REDD raises $1.5 million to advance AI technology in Proptech sector

The company managed by Tomasz Ogrodzki and Piotr Smagała intends to use AI technology to revise the foundations of the commercial real estate capital market, which is valued at $15 trillion in Europe alone.

– The AI market is valued at over $300 billion with the prospect of growing to $1 trillion by 2029. This value is a result of the wide application of artificial intelligence in financial sectors, including banking, insurance or stock exchange. Algorithms deciding, for example, on the granting of a mortgage, the amount of insurance premiums or trading machines are not science fiction, but standard business tools. Our goal is to implement this level of innovation in the commercial real estate market. How. REDD AI will allow investment funds to make strategic decisions faster and better – says Tomasz Ogrodzki, CEO of REDD Group.

Artificial intelligence will replace appraisers?

New AI technology from REDD will allow funds investing in commercial real estate and other financial entities to analyze the value of selected assets through the prism of not a few, but thousands of data dimensions.

– REDD AI will be fully integrated with our online platform, which with its data already supports the largest global funds investing in our part of Europe. The revolution will be the ability not only to analyze a selected property, but also to intelligently search for undervalued and overvalued assets,” says Piotr Smagała, Managing Director of REDD.

REDD AI is a candidate for the Holy Grail of the market. Is it possible?

The creators emphasize that the research project involved the best professionals from the commercial real estate market and researchers specializing in neural network technologies and big data.

– The project is implemented with laboratory precision with the involvement of outstanding theoreticians and practitioners. Motivated by the success of similar projects in other industries, we are confident that our algorithms will achieve high reflection in the real value of real estate – says Ruslan Hajduk, Junior Strategy & Operations Manager REDD.

Data is the new “oil” that will drive the world

– If ‘data is the new oil’, then with over 14 billion pieces of data, we are the largest deposit of oil in the commercial real estate market,” continues Tomasz Ogrodzki.

– The dynamics of progress offer no choice, the REDD AI developers add. In their view, data needs to be analyzed from every perspective, repeatedly and ever faster. It’s necessary in order to build new office properties wisely and manage the existing ones more efficiently.

– Artificial intelligence in this industry is an inevitable step, and I’m glad we’re the first to do it. Making decisions based on fragmented data, even interpreted by the best analysts, is always relying on intuition. With today’s technology, things like this shouldn’t happen – especially in such an influential and responsible business. That’s why we offer solid data and infinite analytical possibilities which AI gives – adds Piotr Smagała, Managing Director, REDD.

Artificial intelligence to save the climate

However, apart from the intention to influence the capital market, there is also another, fundamental factor for the revolutionary startup – the influence of real estate on the environment. From the beginning, the founders have made no secret of the fact that they want to fundamentally change the way we think about planning and managing buildings themselves, as well as analytics.

– Globally, real estate accounts for up to 40% of CO2 emissions into the atmosphere. Investors and developers have a special responsibility for the future of the planet. Short-term benefits should not be put above long-term climate effects. I believe that advanced 5- and 10-year AI forecasts will give strong arguments for making wise and responsible decisions on new development projects,” sums up Tomasz Ogrodzki, CEO of REDD Group.

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