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Machine learning is being turned to asset management in an innovative new platform that has attracted significant new investment.
Sydney-based proptech Asseti is already a trusted resource for major commercial players such as Mirvac, Colliers, CBH, Holcim and Ventia. Now, it’s planning to expand its reach, having completed a $2.5 million round of seed funding that was led by tech investor Tidal Ventures.
The platform makes use of high-quality imagery and advanced machine learning to predict and prioritise asset needs – monitoring aspects like wear and tear, leaks and potential hazards, thereby minimising downtime and maximising an asset’s lifespan.
The innovative tool grew out of a realisation on the part of founder Aonghus Stevens that much of commercial property management relied on a reactive strategy, addressing issues only when they arise, leading to inefficiencies and unforeseen spikes in capital expenditure.
Stevens believed that new technology could help shift the industry to a proactive approach, and while it has achieved that goal for many of its clients, some major players are also finding that the service is proving useful beyond what they expected.
The software also has proven useful in reducing manual assessment time, enhancing safety by eliminating physical inspections, and providing comprehensive data insights that surpass what might have been included in a traditional report.
Scott Robinson, senior technical operations manager at Mirvac, said that Asseti has changed how Mirvac manages its industrial assets, stating that the firm is now “reliant on the system day-to-day and cannot live without Asseti”.
“We use the Asseti platform far more broadly than initially intended, and the use within Mirvac continues to expand. Beyond the site maintenance management, we also use Asseti for contractor onboarding, periodic regulatory inspections and much more,” he explained.
And while the existing capabilities have proven to cater to clients’ needs, Stevens promises that with the additional funding the platform will continue expanding its offering, and make headway into international markets.
“We’re excited to improve our advanced AI capabilities for real-time asset assessment and anticipate significant industry impact, particularly in the US with its vast and ageing infrastructure landscape,” he said
Tidal principal investor and Asseti board member Kieran O’Neill expressed his complete confidence in the investment, stating: “We believe their ability to monitor nearly any real-world asset places them in an expansive market undergoing significant digitisation, driving businesses towards a solution like Asseti.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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