London-based Orbital Witness, a part legaltech, part proptech startup, announced that it has secured approximately €8.63M in a Series A round of funding.
The startup uses generative artificial intelligence (AI) to improve the property-buying process, relieving attorneys and their clients of time-consuming paperwork.
Orbital Witness says it plans to utilize the funding to expand into the residential sector, allowing legal conveyancers to provide property buyers visibility into any concerns at the start of the purchase process.
The company’s technology has already powered over 76,000 transactions and saved over 74 million minutes to date for more than 2,000 attorneys and property experts from clients including Tesla, Mischon de Reya, Freshfields, Slaughter & May, and M&S.
Currently, real estate attorneys must get legal papers, maps, and records before going through them one by one to discover difficulties that their clients need to be aware of.
The Orbital Witness platform changes this by automatically recognizing information and documents from public sources, such as the Land Registry and Local Authorities.
It then employs generative AI and natural language processing techniques to analyze important documents like leases and deeds, which can be hundreds of pages long.
This gives users a quick overview of any problems, risks, or peculiarities that might influence a real estate transaction.
The startup says that the use of its technology will not only speed up the legal process required in purchasing a property, but will also proactively indicate concerns like whether dogs are permitted under the building lease, whether there are rising ground rates or service costs to take into account, or whether planning permission has been granted nearby.
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