Aussie proptech start-up Propic has managed a $6 million investment from two key players as it closes its oversubscribed raise.
Australian Community Media’s Antony Catalano and Alex Waislitz have been named as the investors behind the series A fundraising effort, which has been touted as offering a boost to the Australian real estate industry.
With the money set to go towards Propic’s artificial intelligence-powered solutions for real estate agents and property managers, the proptech provider’s CEO, Jeffery Gray, said the technology improves “how buyers and tenants engage around property transactions”.
“Our solutions also enable agents to leverage a data platform that finds appraisals and listings for them,” he added.
For investor Antony Catalano, it’s “apparent” that AI and big data “will play a material role in real estate — as we’re seeing in just about every other vertical”.
From his perspective, “to have world-leading solutions being developed here in Australia is fantastic to see, particularly when you look at the global application of the Propic tech platform”.
The investment comes after Propic was selected as one of six APAC companies invited to join REACH — a global proptech accelerator program run by Second Century Ventures.
Mr Gray added that Propic is “excited by the investment and support of Antony and Alex”.
He added that the funding “will accelerate the significant scale-up in our business, proving Australia can lead in the technology space”.
With the business’s vision “to intelligently connect people and places with the services they need in real estate, in their time and place”, Mr Gray said Propic “genuinely believes” their solutions “will become ubiquitous, transforming the customer and agent experience here and overseas”.