Congratulations to Orbital Witness, who earlier this month secured £1.2m in a round of funding to help them on their mission to automate legal risk assessments on land and property!
Orbital Witness joined Geovation in September 2017 as a start-up that wanted to help lawyers conduct due diligence on properties in minutes rather than weeks by using artificial intelligence. Their successful pilot last year saw an impressive number of early adopters join, including real estate teams in leading law firms Mishcon de Reya, Clifford Chance, Reed Smith and Macfarlanes.
This latest round of funding brings Orbital Witness together with PropTech heavyweights JLL Spark and LiFE Ventures, alongside Europe’s leading seed fund, Seedcamp. Also included is grant funding for research and product development through Innovate UK’s Industrial Strategy Challenge Fund.
Ed Boulle, co-founder and CEO, says: “Geovation really helped the business to get to this point by allowing us to forge close working relationships with two of the primary data providers our customers rely on, HM Land Registry and Ordnance Survey. We even went on to partner with HM Land Registry on an Innovate UK funded project to develop our risk models on the data they hold.”
Talking about his company’s investment in Orbital Witness, Mihir Shah, co-CEO of JLL Spark, recognised the value and exciting advancement Orbital Witness is bringing to the land and property sector, by explaining: “Orbital Witness is a prime example of how technology is solving challenges in real estate and moving the industry forward. Legal assessments of land and property are critical, but today, they are also very complicated and time consuming. Orbital Witness is automating the process by combining property data and user-driven analysis to pinpoint risks. We are leveraging the expertise and reach of JLL to help the Orbital Witness team refine and scale its offering.”
Jonathan Werth, Managing Director of LiFE Ventures, an investment arm of London-based estate agents LiFE Residential added: “We are really excited to be involved, and look forward to watching their progress as they take away some of the stress homebuyers experience when making one of the most important decisions in life.”
Up next for Orbital Witness is working closely with early adopters to make the property lawyer’s job more efficient and advisory in nature. They hope to achieve this by moving the point of automation beyond the provision of raw property information contained in searches, towards extracting and highlighting potential issues that may be lurking in the data.
Will Pearce, Orbital Witness co-founder and COO concludes: “We believe in automated legal risk profiles – like a credit check, but for land and property – allowing lawyers and their clients to instantly access an upfront, low cost view on a property before progressing a deal.”