Project description
Innovative web application for residential mortgage lenders
Residential valuations can be slow, costly and imprecise. This is why residential mortgage lenders rely upon small samples or simplified indexing methods to perform residential valuations. The combined European and North American residential valuation market consists of manual valuations and tech solutions (EUR 2 billion). The EU-funded Geowox COMP project will develop a software as a service for residential mortgage lenders. Using open data and satellite image recognition technology, the web application provides real-time residential valuations for European and North American residential mortgage lenders (retail banks). Geowox COMP valuations are 1 000 times quicker, 10 times cheaper, and twice as accurate than current manual valuations.
Objective
Residential valuations are slow (0.5-2 hours), costly (€100-200) and inaccurate (8-12 % MdAPE). Therefore, residential mortgage lenders resort to small samples or simplified indexing methods.
Geowox COMP is a web application that uses open data and satellite image recognition technology to provide real-time residential valuations for European and Northern American residential mortgage lenders (retail banks). Valuations provided by Geowox COMP are 1000x times quicker (milliseconds), 10x cheaper (€10), and 2x more accurate (4-6% MdAPE) than current manual valuations.
The combined European and Northern American residential valuation market is worth €12b (TAM), including both manual valuations (€10b) and tech solutions (€2b). We are targeting regions with a tech-solution addressable market of €1.2b (SAM). We forecasts a year-5 revenue of €83m (SOM).
Geowox COMP is a software as a service for residential mortgage lenders. Residential valuations are sold in recurring annual contracts at varying package sizes. Commercialisation will start in the UK & Ireland, followed by Northern Europe, Southern Europe, and North America. Cumulative gross profit of €28.3m by the 3rd year of commercialisation. This will be a return of investment of 14x.
We are a startup company focused on developing algorithmic and image processing methods for valuing property. We have been developing Geowox COMP in house since 2017. Within our team we have experience in start up management, product development, and software sales. We have already established strong relationships with Bank of Ireland, Ulster Bank, KBC Bank, CBRE and the Irish Housing Agency, for testing and providing early stage feedback of Geowox COMP.
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
D02AW71 DUBLIN 2
Ireland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.