Shared 30 September, 2024
Israeli startup GEOX, which specialises in leveraging artificial intelligence for real estate risk analysis, has announced a successful $19m Series A funding round.
The round was spearheaded by Flashpoint Venture Capital, with contributions from Suretech Partnership and individual investors Ariel Maislos and Noam Lanir, according to a report from CTECH.
This latest injection of capital increases the total funding to $23m since the company’s inception.
Founded in 2018 by CEO Itzik Lavi, CTO Eli Lavi, and Guy Attar, GEOX has pioneered the use of AI to perform 3D analysis of aerial imagery. This innovative technology enables automated, precise assessments of real estate properties, predicting potential damage from natural disasters such as hurricanes, floods, and wildfires.
The system offers detailed, data-rich, 3D insights that include critical property details like precise location, roof size, type, condition, and slope.
In addition to insurance applications, GEOX’s technology is utilised by banks and financial institutions for more accurate real estate valuations. Prominent global entities, including the World Bank, use GEOX’s technology to evaluate the value and risks associated with real estate assets, considering potential damage from natural calamities.
GEOX also boasts impressive growth metrics, with a 300% annual revenue increase over the past three years, largely fuelled by existing clients who have expanded their use of the platform.
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