CAPE Analytics, a company using AI and geospatial imagery to provide property insights, announced today the launch of its real estate intelligence platform, AIRE, to provide stakeholders and financial institutions property insights nationwide, according to Mortgage Professional America (MPA Mag).
The release states that the platform combines “computer vision, aerial imagery, geospatial data and proprietary data sources” to provide information about properties and their surroundings, with a key focus on data that affects property value and marketability.
While the platform leans on artificial intelligence to provide these insights, it also focuses on its aerial photography database, which includes over 110 million structures and captures property elements not presented in traditional records, such as solar panels or swimming pools.
“We can tell you the exterior conditions of the house. We can also tell you straightforward things like does it have solar panels? Does it have a swimming pool? What kind of driveway does it have? So we can assess conditions of the house all through imagery,” CAPE Analytics Head of Real Estate Raj Dosaj told Mortgage Professional America.
Dosaj also noted that while existing datasets, such as standard property records, public records and MLS-data are already used by investors and property stakeholders today, they are not perfect and oftentimes lack critical information about properties.
The release also stated that AIRE’s geospatial data enables mapping data sets to also be layered onto the platform, and allows the platform to incorporate a property’s proximity to geographical features, such as coastlines, streets, or train tracks, into its analysis.
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“From aerial imagery, we know the condition and features of a house exterior. We know that house, but we know the house next to it and the house next to it and then we know the whole census block group and the whole census tract and then the whole ZIP code,” said Dosaj.
“So, we can actually tell you what the average conditions or the distribution of home conditions is for a whole new metro, a ZIP code or census block group. And we can tell you what’s changing over time. How many solar panels have been installed over the last three years? How many people replaced their roofs over the last three years? That tells you about the surrounding changes and conditions of owned residential real estate,” he said.
Founded in 2014 by Ryan Kottenstette and Suat Gedikli, CAPE Analytics has raised over $75 million to date, including a $44 million Series C led by Pivot Investment Partners in July 2021.
The company was also recently named to Housing Wire’s HW Tech100. According to that nomination, CAPE’s property intelligence technology has been integrations into leading AVMS to improve PPE-10 valuation accuracy by over 7%. The organization currently serves over 65 enterprise customers, which equates to a 60% year-over-year increase.
In other recent proptech news, Built Technologies announced partnering with ERP firm Sage to integrate its documentation and payment tools into the Sage 300 construction solution. oHouse also raised a $182 million Series D for its home improvement marketplace.