Real estate data is notoriously fragmented. More often than not, agencies find themselves in the unenviable position of having to manually collate disparate property, market, and demographic pipelines, typically at the cost of significant staff hours.
L.D. Salmanson thinks there’s a better, smarter way. In 2016, he founded Cherre, a New York-based real estate data startup that leverages artificial intelligence to resolve property data from thousands of public, private, and internal sources in real time. It today announced a $9 million seed funding round led by Navitas Capital, with participation from Carthona Capital, iLookAbout, Dreamit Ventures, and Red Swan Ventures. (Other pre-seed investors included Recursive Ventures, Sarona Ventures, Wharton Angel Group, Harvard Angel Group, New York Angels, and Angel Investor Forum.)
Salmanson said the new capital will help Cherre to meet “surging [service] demand[s]” from its existing clients, and enable it to expand its operations in the U.S. and Canada.
“Many of the world’s biggest industries are increasingly looking to harness the power of real-time data and to reevaluate their use of data in their core business functions,” he said. “Cherre has seen an incredible adoption rate from financial institutions, insurance companies, real estate investment groups and brokerages, and dozens of other large corporations. With a new group of investors now on board, we are poised to take our platform and data insights to even more companies looking to take their business to the next level.”
Cherre’s technology, which is modeled after high-frequency trading platforms, ingests, organizes, and constantly updates databases both internal and external. And with the aid of machine learning models that Salmanson company claims can save “millions” of dollars in data analysis costs, it provides relevant info on demand in a clean, readable format.
Cherre’s software-as-a-service (SaaS) suite consists of six core components: CoreDocs, CoreCMA, CoreNavigator, CoreConnect, CoreAugment, and CoreExplore. The latter three fall under the category of data management; they integrate with new and existing on-premises and cloud stores deliver provide location, transportation, social, and demographic information via APIs, which get compiled into handy, customizable dashboard visualizations. The former three assist in reporting; CoreDocs and CoreCMA let users create mobile-friendly documents and calculate asset pricing, respectively, while CoreNavigator allows them to chart out borough, lot building, unit, and listings data within the context of markets, properties, and clients.
Cherre might not be the first to the $8.5 trillion real estate market with sophisticated AI-powered analytics tools — properties startup Compass recently raised $400 million for its big data platform, following hot on the heels of Skyline‘s $18 million round. But be that as it may, it’s managed to attract a few notable Fortune 500 clients, including The Real Estate Board of NY (REBNY), Keller Williams NYC, Stratus Data Systems, August Partners, and Platinum Properties.
“In less than a year since formally launching its platform, Cherre has already revolutionized the way financial institutions, insurance companies, real estate brokerages, and other large businesses process and analyze massive stores of data every day,” Jim Pettit, managing partner at Navitas Capital, said. “With the backing of Navitas and other investors, the platform will be in pole position to bring its streamlined real estate data services to an exponentially growing roster of clients.”