PRODA PropTech solution uses AI for data processing
Coyote Software and control.IT have made a joint strategic investment in PRODA, a London-based PropTech business utilizing artificial intelligence (AI) technology to solve core data processing challenges.
The investment will see the integration of PRODA on Coyote and control.IT’s respective platforms, with customers of both businesses able to benefit from access to PRODA’s AI technology.
PRODA enables users to capture, consolidate and standardize data, with a focus on rent roll data. The technology, which is targeted at asset managers, real estate lenders and investment brokers, as well as PropTech platforms handling rent roll data, aims to automate previously manual and error-prone processes.
Oli Farago, co-founder and CEO at Coyote, said: “By working closely together, it has become clear that Coyote and PRODA share the belief that for the property industry to reap the benefits of digitalization and AI, collaboration and the way in which the industry records and utilizes data are key. We are delighted to be working with the ambitious team at PRODA whilst also broadening the services available to our clients.”
Klaus Weinert, Founder and Executive Director at control.IT, said: “This investment in PRODA builds on our ambition to collaborate with pioneering companies that are revolutionising the way in which the property industry interacts with technology and operates for the better, increasing efficiency and productivity.”
“By standardizing 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 analyze rent roll data,” said Peter Bredthauer, co-founder and CEO at PRODA.