Coyote pulls in AI with Proda investment
Portfolio management softwares Coyote and control.IT have jointly invested in Proda, a startup which uses Artificial Intelligence to solve core data processing challenges such as standardising unstructured data that hasn’t been organised into one place.
Germany-based Control.IT is a 23-year-old tech firm that uses software to automatically collect data, calculate forecast values, support letting and investment decisions, serve value-oriented management and deliver management reports.
Coyote provides real-time information on assets in a portfolio. The software is already integrated with systems such as Yardi, Qube, MRI and Tramps.
Oli Farago, co-founder and CEO of Coyote, said Proda “shares the belief” that for the property industry to reap the benefits of digitisation and AI, “collaboration and the way in which the industry records and utilises data is key”.
Founded in 2017 by two London-based property professionals, Proda uses AI to enable users to capture, consolidate and standardise data, with a focus on rent roll. The tech, which is targeted at asset managers, lenders and investment brokers, as well as platforms handling rent, aims to automate previously manual and error-prone processes.
Klaus Weinert, founder and executive director at control.IT, said the investment in Proda builds on his firm’s “ambition to collaborate with pioneering companies that are revolutionising the way in which the property industry interacts with technology and operates for the better”.
Peter Bredthauer, co-founder and CEO of Proda, added: “By standardising unstructured data, we believe Proda will facilitate advancement across the proptech industry, presenting opportunities for technology platforms to expand their hubs for asset data, and also for property companies to enhance their ability to analyse rent roll data.”