The Real Estate Board of New York awarded $50,000 to four new property tech ventures for its 2018 PropTech challenge.
The challenge saw 44 submissions from 82 participants across the world, including the US, Canada, Great Britain, Hong Kong, Israel and others. The submissions were separated into four categories: Operations and Maintanence, Architecture, Engineering, Construction and Development, Blockchain and Commercial Brokerage. The top three finalists for each category were invited to showcase their idea during Demo Day to real estate and tech industry investors and compete for the top spot.
In the Operations and Maintenance category, a new tool from Prescriptive Data called Seeing Green took first place. The idea was a collection of apps that encourage tenants and building owners to live more green. Seeing Green sends tenants recommendations on how to reduce energy usage, helps tenants book meeting rooms that use the least amount of watts per s/f, and can pre-heat or pre-cool rooms according to booking schedules.
StructionSite, an app that helps track construction progress with computer vision and machine learning took home the gold in the Architecture, Engineering, Construction and Development category. The app uses a 360 video recording of the job site and automatically tracks the progress of it compared to the 2D drawings and project schedule.
The Blockchain category saw CredsBlock take first place with a platform that is meant to streamline the data and processes behind a real estate transaction. Real estate agents can use the platform to verify their identity and listings and sellers can use CredsBlock to prove they own the property and offer an accurate appraisal value.
And lastly, HomeSpace360 won first place in the Commercial Brokerage category with its power to create 3D virtual tours all through a smartphone camera. Brokers can now offer 360 degree tours with HomeSpace360 by taking several photos with their smartphone.
“All of the PropTech Challenge participants deserve credit for their creativity, passion, and entrepreneurial spirit,” said John J. Gilbert III, the co-chair for REBNY’s Tech Committee and chief operating officer and executive vice president for Rudin Management Company. “There is tremendous enthusiasm for the sharing of ideas and solutions between the real estate and tech communities. Congratulations to the winners and to everyone who participated in this path-breaking effort.”