The Malaysian property data startup, Urbanmetry, has raised 2 million US dollars in a pre-series round A with the help of Monk’s Hill Ventures. The AI-based firm was founded by Koh Cha-Ly in 2017 and currently services clients in Malaysia, Japan, and Vietnam.
The company uses proprietary algorithms and AI to collect and analyze large data in real estate and also to gather market intelligence and trends. The company has a client base of 150 corporate clients including bigwigs like RHB Bank, Kuok Group, and UEM Sunrise.
Urbanmetry also offers useful innovative services like Nowcast, which is an AI-based projection for home owners to get a projection value of their properties.
The company plans to use the fresh capital to expand in more areas of Southeast Asia and to accelerate the adoption of its products and platform.
Monk’s Hill Ventures co-founder Kuo-Yi Lim has given out a statement highlighting the opaqueness of the property valuation market where a lot is subjected to conflicts of interest. He believes that the nature of this market presents tremendous scope for leveraging data-driven valuation in the mortgage process.