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Sydney-based intelligent property asset management company Asseti has announced a successful $2.5 million seed funding round led by technology investor Tidal Ventures, with plans to build on early traction in the US now that a strong foothold has been established in Australia.
Founded in 2019 by asset imagery industry expert Aonghus Stevens, Asseti promises to be a game changer for overcoming the traditionally cumbersome and risky business of real estate management, and already counts the likes of Colliers, Mirvac (ASX: MGR), Holcim, GHD, Ventia, CBH Group and Toyota amongst its customers,
The startup is addressing what is at times a reactive industry whereby issues are often only tackled as they arise, leading to inefficiencies and unforeseen spikes in capital expenditure. In response, Asseti's software platform uses high-quality imagery and machine learning to predict and prioritise asset needs, such as monitoring wear and tear, leaks, and potential hazards.
The company claims this helps minimise downtime, thus maximising the lifespan of valuable assets.
"When we see AI-driven companies like Asseti leveraging their domain-specialised capabilities to transform their entire industry, we can’t help but get excited," says Tidal principal investor and Asseti board member Kieran O'Neill.
"We believe their ability to monitor nearly any realworld asset places them in an expansive market undergoing significant digitisation, driving businesses towards a solution like Asseti."
Stevens, the founder and CEO, believes the future of property asset management centres on data-led decision making.
"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 aging infrastructure landscape," he says.
Mirvac's senior technical operations manager, Scott Robinson, says his team uses the Asseti platform far more broadly than initially intended.
"Beyond the site maintenance management, we also use Asseti for contractor onboarding, periodic regulatory inspections and much more," he says.
Funds from the raise will be used to innovate Asseti's product through AI-driven capabilities, improving instant asset insights, and exploring novel ways to drive capital expenditure planning and improve the balance sheets of its customer base.
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