The company provides buyers with information on hundreds of building and neighborhood attributes and helps brokers find and qualify leads.
Localize, a company that uses artificial intelligence to collect neighborhood information for each address in New York, raised $ 25 million in Series C funding, bringing the company’s total funding to date to $ 70 million, the company said Wednesday.
Localize collects “billions of data points” to provide information on hundreds of building and neighborhood attributes, including schools, future construction, weather conditions, proximity to popular stores, building disruptions, complaints, pests, natural lighting, and high ceilings. Press release.
The company also offers a hybrid human and artificial intelligence concierge service called Hunter, which acts as a home buying advisor and sends shoppers daily personalized, carefully curated listings that Localize then adjusts based on user feedback.
Hunter also serves as a virtual assistant for real estate brokers, the company says, collecting and evaluating lead lists and re-returning leads to agents when buyers are ready to see the property in person. Localize launched Localize Advantage last year to help buyers find agents which are best suited to their market specialization, price range and geographic location.
Localize said it will use the new funds to further develop existing services, create value-added services, support research and development, and further develop its sales and marketing operations.
“The home buying process is complex and the real estate industry as a whole has been slow to implement technological change to address these challenges,” said Omer Granot, President and COO of Localize.
“Much of the data available in the market today is too fragmented for shoppers to use it effectively. We’ve developed paradigm-shifting products to enable prospective buyers and brokers to truly fill these information gaps and get the help they need throughout the process, making us a partner from their initial search to getting the keys to their new home. …
“We are thrilled to receive this funding from our investors who believe in what we create and help us become the leading end-to-end technology platform in the real estate market.”
Localize was founded in 2012 in Israel under the name Madlan, and in 2016 appeared in New York as Localize. The company has 130 employees in New York and Tel Aviv. Private equity firm PitchBook has identified Localize as a “likely” acquisition target.
Localize raised $ 3 million in an initial seed round in 2016 and raised $ 8 million in Series A funding round led by Israeli investors Zvi Limon and Avigdor Wilenz (founder of Amazon’s Annapurna Labs). Other investors included Celeste Capital, Lip-Boo Tan and Noam Gottesman. Localize told Inman that Maor Investments, a Luxembourg co-investment fund founded by Philip Guez and Eric Elaluf, had also previously invested in the company.
The latest round of funding was spearheaded by Israeli venture capital firm Pitango Growth, whose managing partner and co-founder Hemi Peres sits on Localize’s board of directors. Mizrahi-Tefahot, the third largest bank in Israel, also participated in the round, as did existing investors Vilenz, Limon, Gottesman, Maor and Celeste.
“Localization allows people to find and buy their dream home in a short amount of time using advanced artificial intelligence tools developed by the company,” Perez said in a statement. “The ability to use tools that automate and digitize this process, combined with analytics generated from algorithms that manipulate massive amounts of data, makes results fast, accurate, and fully responsive to customer needs.”