Global property advisor Knight Frank has partnered with London-based start-up Proda for the beta testing phase of their Artificial Intelligence software.
Proda is a data management solution for real estate. The software addresses the issue of unstructured data, and automatically captures property data from spreadsheets, before standardising, error-checking and securely storing it.
Traditionally, analysing different subsets of data can be very time consuming, especially where there are multiple formats. Proda focuses on translating the data into a format that can be processed easily, rather than only on the data outputs.
Knight Frank will work with the Proda team to apply real-use cases to uncover further potential and best practise for the AI-enabled software. Knight Frank’s global capital markets division in London is conducting the initial testing using commercial property data.
Josh Morris, associate at Knight Frank, said: “We are excited to be testing Proda at this key phase. Throughout Knight Frank we are proactively seeking ways to incorporate new technology into the way we do business and working with early stage, innovative startups such as this is giving us unparalleled insight into new technologies available within the commercial real estate sector.
“Proda has the potential to significantly reduce the amount of time it takes to complete deals. Speeding up manual processes frees up time, so we can focus on providing high quality consultancy services and advice, benefitting not only our team day-to-day but also our clients.”
Peter Bredthauer, CEO and co-founder at Proda, said: “Our vision is to automate work for real estate professionals by enabling them to structure their data into useable formats and access its true value. This partnership moves our concept forward into a real-world setting.”
Charles Williams, CPO and co-founder at Proda, added: “The beta testing phase is critical in shaping our software – the more data the Machine Learning components are exposed to, the more comprehensive and powerful the software becomes. We hugely value working with Knight Frank as early adopters and look forward to continuing our partnership as Proda evolves”